Bernicke Wealth Management Ltd. Acquires 36,788 Shares of Bank of America Corporation $BAC

Key Points

• Bernicke Wealth Management acquired 36,788 Bank of America shares in the third quarter, valued at approximately $2.0 million.
• Institutional investors hold 70.71% of the company’s stock. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $62.48.
• Bank of America’s latest quarterly results fell short of analyst estimates for earnings and revenue, though revenue increased 3.2% year over year. The bank declared a $0.32 quarterly dividend, equivalent to a 2.5% yield.

Bernicke Wealth Management Ltd. acquired a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,788 shares of the financial services provider's stock, valued at approximately $2,002,000.

A number of other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc purchased a new position in Bank of America in the second quarter worth about $2,571,060,000. Deutsche Bank AG purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $2,359,172,000. Bank of New York Mellon Corp purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $939,807,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Bank of America in the 2nd quarter worth approximately $916,398,000. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Royal Bank Of Canada dropped their price objective on shares of Bank of America from $65.00 to $60.00 and set an "outperform" rating on the stock in a report on Thursday, October 15th. HSBC began coverage on shares of Bank of America in a research report on Monday, September 28th. They set a "buy" rating and a $65.00 target price for the company. Rothschild & Co Redburn set a $72.00 target price on shares of Bank of America in a report on Tuesday, October 6th. Phillip Securities upgraded shares of Bank of America to a "strong-buy" rating in a research report on Friday, October 16th. Finally, Truist Financial dropped their price target on shares of Bank of America from $62.00 to $58.00 and set a "buy" rating on the stock in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $62.48.

Key Headlines Impacting Bank of America

Here are a few of the latest headlines about BAC:

• Positive Sentiment: Bank of America reaffirmed its 16%–18% return-on-tangible-common-equity target for 2028–2030, citing expected support from net interest income, loan growth and expense discipline. The outlook reinforces the bank’s longer-term profitability ambitions. Article: BAC Reaffirms 16-18% ROTCE Target
• Neutral Sentiment: BofA Global Research now expects the Federal Reserve to raise rates at each of its next three meetings following hotter-than-expected inflation. Higher rates can support bank interest income, but may also weigh on loan demand, credit quality and broader market sentiment. Article: BofA Now Sees Fed Hiking in January
• Negative Sentiment: Reports say Bank of America will settle a lawsuit over allegations that it opened thousands of unauthorized accounts between 2012 and 2023. The settlement’s terms were not included in the supplied report; the matter carries potential reputational and financial risk. Article: BofA to Settle Fake-Accounts Lawsuit

Bank of America Stock Performance

NYSE:BAC opened at $51.01 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50-day simple moving average of $54.07 and a two-hundred day simple moving average of $54.86. The firm has a market capitalization of $351.95 billion, a PE ratio of 12.12, a P/E/G ratio of 0.89 and a beta of 1.19. 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 Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The company had revenue of $29.96 billion during the quarter, compared to the consensus estimate of $30.58 billion. During the same period last year, the business earned $1.06 EPS. The firm's quarterly revenue was up 3.2% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post 4.51 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, December 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America's payout ratio is 30.40%.

About Bank of America

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

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