Bank of America Corporation $BAC Stock Purchased by Mirador Capital Partners LP

Key Points

• Mirador Capital Partners LP nearly tripled its Bank of America stake in the third quarter, acquiring 18,531 additional shares to own 27,827 shares valued at approximately $1.515 million. Institutional investors collectively hold 70.71% of BAC’s outstanding stock.
• Bank of America reported quarterly EPS of $1.21, exceeding the $1.13 consensus estimate, while revenue rose 19.6% year over year to $31.56 billion. The company also increased its quarterly dividend to $0.32 per share, producing a 2.4% annualized yield.
• Analysts maintain a generally positive outlook, with 19 Buy ratings and seven Holds giving BAC a consensus “Moderate Buy” rating and an average price target of $64.22; however, investors are monitoring credit risks, potentially weaker investment-banking fees, and a $39 million Merrill settlement.

Mirador Capital Partners LP increased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 199.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,827 shares of the financial services provider's stock after purchasing an additional 18,531 shares during the period. Mirador Capital Partners LP's holdings in Bank of America were worth $1,515,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Bamco Inc. NY lifted its holdings in Bank of America by 45.4% during the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock valued at $2,336,000 after purchasing an additional 12,794 shares during the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of Bank of America in the 2nd quarter worth approximately $4,089,000. Bernicke Wealth Management Ltd. bought a new stake in Bank of America during the 2nd quarter worth approximately $2,132,000. Legacy Private Trust Co. increased its holdings in Bank of America by 11.7% during the 3rd quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider's stock valued at $6,267,000 after purchasing an additional 12,016 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in Bank of America in the 1st quarter valued at $67,507,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 1.2%

Shares of Bank of America stock opened at $54.27 on Friday. The firm has a market cap of $379.49 billion, a PE ratio of 12.45, a P/E/G ratio of 0.86 and a beta of 1.21. The business's 50 day simple moving average is $60.09 and its 200 day simple moving average is $56.52. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period last year, the company earned $0.89 earnings per share. The firm's revenue was up 19.6% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post 4.61 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a $0.32 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, September 4th. Bank of America's dividend payout ratio (DPR) is presently 29.36%.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts expect higher net interest income and solid trading performance to support third-quarter results. A recent analysis also argues that a Federal Reserve policy shift could create additional NII upside for Bank of America. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: TD Cowen began coverage with a $60 price target, implying potential upside from recent trading levels, although it assigned a Hold rating. TD Cowen coverage of Bank of America
• Positive Sentiment: Bank of America’s continued use of artificial intelligence to personalize customer service and improve operating efficiency could provide longer-term competitive benefits. How Bank of America is using AI
• Neutral Sentiment: Wall Street’s third-quarter estimates point to a mixed report: stronger NII and trading may be offset by weaker investment-banking fees and higher credit risks. Investors are focused on whether management can maintain earnings momentum as year-over-year EPS growth is expected to slow sharply from the prior period. BAC shares ahead of Q3 earnings
• Neutral Sentiment: The appointment of Jeff Crabtree as president of the Sarasota/Manatee region is a routine leadership change with limited near-term earnings impact. Bank of America names Jeff Crabtree president
• Negative Sentiment: Bank of America agreed to a $39 million Merrill cash-sweep settlement, creating a modest legal and regulatory expense. Merrill cash sweep settlement
• Negative Sentiment: Chief equity strategist Michael Hartnett said investors are keeping substantial cash in money-market funds until sustained Fed rate cuts begin, signaling cautious risk appetite that could limit near-term support for bank shares. Investors need sustained Fed cuts

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Barclays boosted their target price on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Truist Financial lowered their price target on Bank of America from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Thursday, October 1st. Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a report on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on shares of Bank of America from $68.00 to $62.00 and set an "overweight" rating on the stock in a report on Friday, October 2nd. Nineteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $64.22.

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.

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