L & S Advisors Inc Has $12 Million Position in Bank of America Corporation $BAC

L & S Advisors Inc decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 59.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 232,636 shares of the financial services provider’s stock after selling 337,886 shares during the period. Bank of America makes up approximately 1.2% of L & S Advisors Inc’s portfolio, making the stock its 23rd largest position. L & S Advisors Inc’s holdings in Bank of America were worth $12,002,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. MRP Capital Investments LLC acquired a new position in shares of Bank of America during the 3rd quarter worth about $828,000. Synovus Financial Corp boosted its position in Bank of America by 1.6% in the third quarter. Synovus Financial Corp now owns 520,174 shares of the financial services provider’s stock valued at $26,837,000 after buying an additional 8,387 shares in the last quarter. MJP Associates Inc. ADV raised its position in Bank of America by 14.7% in the 3rd quarter. MJP Associates Inc. ADV now owns 27,175 shares of the financial services provider’s stock valued at $1,402,000 after purchasing an additional 3,484 shares during the last quarter. Syon Capital LLC lifted its position in Bank of America by 13.2% during the 3rd quarter. Syon Capital LLC now owns 90,258 shares of the financial services provider’s stock worth $4,656,000 after buying an additional 10,535 shares in the last quarter. Finally, BOK Financial Private Wealth Inc. lifted its position in shares of Bank of America by 26.5% during the third quarter. BOK Financial Private Wealth Inc. now owns 1,636 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 343 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: BofA announced a new, no?fee BofA Rewards program that expands eligibility to more than 30 million clients and launches May 27 — a move that can boost card spend, deposits and cross?sell opportunities across consumer and Merrill relationships. New BofA Rewards Program to Reach Millions More Clients with Expanded Benefits
• Positive Sentiment: Bank of America Private Bank launched an art consulting service for wealthy clients — a niche, fee?based offering that can deepen relationships, support higher?margin lending (art as collateral) and grow AUM in the private bank/Merrill channels. Bank of America Launches Art Consulting Service
• Positive Sentiment: Analyst and retail coverage notes BofA’s dividend profile and valuation (coverage such as Zacks) — supporting the narrative that BAC is an income/value play for investors focused on yield and steady earnings. Bank of America (BAC) Could Be a Great Choice
• Neutral Sentiment: BofA research has been prominent in industry commentary on AI — its surveys say fund managers see an AI spending “bubble” and that AI will separate winners and losers among banks; this flags both upside from successful AI deployment and execution risk if BofA or peers misstep. AI Spending Bubble Fear Just Hit An All-Time High, BofA Survey Shows
• Neutral Sentiment: Options/quant pieces are highlighting mean?reversion trades on BAC — these note the stock’s technical setup more than fundamentals, which can amplify intraday moves but don’t change the long?term thesis. Bank of America Stock (BAC) Offers Mean-Reversion Options Trade
• Neutral Sentiment: Reports on executive pay rising after earnings growth (CEO compensation coverage) are drawing governance attention but are unlikely to materially change earnings outlook. Bank of America CEO Brian Moynihan sees compensation rise following earnings growth
• Negative Sentiment: Berkshire Hathaway (Warren Buffett) trimmed its Bank of America stake, and coverage reported a sizable reduction of BofA holdings — big shareholder selling can weigh on sentiment and add supply pressure to the stock. Berkshire Pares Stakes in Apple and BofA, Adds New York Times Position Warren Buffett Sold 29% of Bank of America and Bought This Consumer Stock for 4 Consecutive Quarters
• Negative Sentiment: Coverage that BofA dramatically increased a stake in a struggling crypto company (reported as a 1,668% increase) raises questions about risk exposure and could spook some investors focused on conservative capital deployment. Bank of America hikes stake in sinking crypto stock by 1,668%

Analysts Set New Price Targets

A number of analysts recently commented on BAC shares. Piper Sandler lifted their price objective on Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 15th. Royal Bank Of Canada boosted their price objective on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Truist Financial dropped their price target on Bank of America from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. CICC Research initiated coverage on shares of Bank of America in a research note on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 price target on the stock. Finally, Ameriprise Financial raised Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Twenty-two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America Stock Performance

Bank of America stock opened at $53.39 on Thursday. The business has a 50 day moving average of $54.37 and a 200-day moving average of $52.17. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $57.55. The company has a market capitalization of $389.84 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.29 and a beta of 1.29. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm’s revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 EPS. On average, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, March 6th. Bank of America’s payout ratio is presently 29.24%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.