MassMutual Private Wealth & Trust FSB Purchases 107,466 Shares of Bank of America Corporation $BAC

Key Points

• MassMutual Private Wealth & Trust FSB increased its Bank of America stake by 17.3% in the third quarter, purchasing 107,466 shares to own 727,440 shares valued at approximately $39.6 million.
• Institutional investors and hedge funds own 70.71% of Bank of America, while analysts maintain a “Moderate Buy” consensus with an average price target of $63.91.
• Bank of America exceeded quarterly earnings and revenue expectations, reporting $1.21 in EPS and $31.56 billion in revenue, and raised its quarterly dividend to $0.32 per share from $0.28.

MassMutual Private Wealth & Trust FSB raised its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 17.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 727,440 shares of the financial services provider's stock after acquiring an additional 107,466 shares during the quarter. Bank of America accounts for about 1.0% of MassMutual Private Wealth & Trust FSB's portfolio, making the stock its 25th biggest holding. MassMutual Private Wealth & Trust FSB's holdings in Bank of America were worth $39,595,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Deutsche Bank AG increased its holdings in shares of Bank of America by 5.9% in the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock valued at $2,594,488,000 after buying an additional 2,611,776 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Bank of America during the second quarter worth $2,571,060,000. Capital International Investors acquired a new stake in shares of Bank of America during the fourth quarter worth $2,357,461,000. Bank of New York Mellon Corp purchased a new stake in shares of Bank of America during the second quarter valued at $2,313,953,000. Finally, Amundi increased its stake in Bank of America by 12.5% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock worth $2,066,274,000 after purchasing an additional 4,721,969 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Argus set a $70.00 target price on shares of Bank of America in a report on Wednesday, July 15th. Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Finally, Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Twenty investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.91.

Bank of America Trading Up 0.0%

NYSE:BAC opened at $53.78 on Monday. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The stock's 50 day moving average price is $60.89 and its 200 day moving average price is $56.35. The company has a market capitalization of $376.04 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.86 and a beta of 1.21. 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 (NYSE:BAC - Get Free Report) last released 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 return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. During the same period in the previous year, the business posted $0.89 earnings per share. Bank of America's quarterly revenue was up 19.6% on a year-over-year basis. On average, research analysts forecast that Bank of America Corporation will post 4.63 EPS 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. Stockholders of record on Friday, September 4th were given a dividend of $0.32 per share. The ex-dividend date was Friday, September 4th. This is a positive change 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%. Bank of America's dividend payout ratio (DPR) is currently 29.36%.

Bank of America News Summary

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

• Positive Sentiment: RBC Capital reaffirmed its Buy rating on Bank of America, signaling continued confidence in the bank’s earnings outlook and valuation. RBC Capital Reaffirms Their Buy Rating on Bank of America
• Positive Sentiment: JPMorgan maintained an Overweight rating and Truist kept a Buy rating, although both firms lowered their price targets to $62. The targets still imply roughly 15% upside from the referenced share price, offering some support despite more cautious valuation assumptions.
• Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones point to growing demand for fee-generating retirement and wealth-management services. Bank of America Personal Retirement Strategy Surpasses $100 Billion
• Neutral Sentiment: Bank of America strategists warned that a risk-off market could persist until the dollar’s rally peaks. The commentary may pressure market sentiment, but it is primarily a macro outlook rather than a change to BAC’s fundamentals. BofA’s Hartnett Sees Risk-Off Mood Lasting Until Dollar Peaks
• Neutral Sentiment: The Federal Reserve’s proposed stress-test changes could reduce volatility in banks’ capital requirements and improve planning visibility, though the ultimate impact on BAC’s capital returns remains uncertain. Fed Revamps Bank Stress Tests
• Negative Sentiment: Bank stocks have extended their recent decline as Treasury yields rose sharply. Higher rates can increase funding costs, pressure bond portfolios and reduce investor appetite for financial shares. Bank Stocks Extend Second-Half Slump
• Negative Sentiment: Merrill Lynch agreed to pay $39 million to settle claims that customers received below-market interest on idle cash in retirement accounts. The settlement is manageable relative to BAC’s size but adds legal and reputational pressure. Bank of America to Pay $39 Million Settlement

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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