Eastover Investment Advisors LLC Acquires 22,221 Shares of Bank of America Corporation $BAC

Eastover Investment Advisors LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 532.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,391 shares of the financial services provider's stock after buying an additional 22,221 shares during the period. Bank of America makes up approximately 0.6% of Eastover Investment Advisors LLC's holdings, making the stock its 28th biggest position. Eastover Investment Advisors LLC's holdings in Bank of America were worth $1,436,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Total Clarity Wealth Management Inc. raised its position in shares of Bank of America by 3.6% in the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 168 shares during the period. Orca Wealth Management LLC boosted its holdings in Bank of America by 0.5% during the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock valued at $1,999,000 after acquiring an additional 179 shares during the period. Financial Consulate Inc. grew its position in shares of Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 181 shares during the last quarter. Bedel Financial Consulting Inc. increased its stake in shares of Bank of America by 1.1% in the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider's stock worth $938,000 after purchasing an additional 184 shares during the period. Finally, GatePass Capital LLC boosted its stake in Bank of America by 3.6% during the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock valued at $266,000 after purchasing an additional 190 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $68.00 to $62.00 and set an "overweight" rating on the stock in a research note on Friday. Robert W. Baird boosted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Evercore set a $62.00 price objective on Bank of America in a report on Thursday. Wells Fargo & Company lifted their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Oppenheimer lowered shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Twenty research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.78.

Bank of America Trading Up 0.7%

Shares of BAC stock traded up $0.39 on Monday, hitting $54.14. The stock had a trading volume of 15,203,283 shares, compared to its average volume of 37,135,414. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a fifty day moving average price of $60.89 and a two-hundred day moving average price of $56.35. The firm has a market cap of $378.56 billion, a P/E ratio of 12.43, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the prior year, the company earned $0.89 earnings per share. The company's revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 4.63 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.32 per share. This is an increase from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.4%. Bank of America's payout ratio is currently 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: BAC was identified as one of five oversold market areas that could rebound if market breadth improves and investors rotate beyond large-cap technology stocks. This supports the view that the shares have recovery potential after recent weakness. 5 Oversold Corners of the Market That Could Bounce If Breadth Finally Improves
• Positive Sentiment: Bank of America’s dividend profile remains a focus for income-oriented investors. A comparison with U.S. Bancorp highlights BAC’s dividend increase and the potential appeal of its scale and earnings capacity, although the stock’s income advantages depend partly on the interest-rate outlook. BAC vs. USB: Which Bank Stock Offers the Superior Dividend Income for Retirees?
• Positive Sentiment: Bank of America strategists expect two-year Treasury yields to rise further because of economic strength and possible additional Federal Reserve tightening. Higher rates can support banks’ loan yields and net interest income, potentially benefiting BAC, though they also increase broader market and credit risks. Two-Year Treasury Yields Could Rise Further Due to Robust Economy, BofA Says
• Neutral Sentiment: BAC disclosed higher indirect holdings in several Turkish companies through Merrill Lynch subsidiaries. The announcements appear related to client, custody, or trading activity and do not indicate a material change to Bank of America’s core investment outlook. Bank of America Lifts Indirect Stake in A1 Yenilenebilir Enerji to 3%
• Negative Sentiment: JPMorgan Chase reduced its price target for Bank of America, creating a valuation overhang and tempering the otherwise favorable rate and rotation narrative. Bank of America Stock Price Target Cut by JPMorgan Chase

Bank of America Company Profile

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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