Bank of America Corporation $BAC Stock Acquired by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 2,853.8% in the third quarter, Holdings Channel.com reports. The firm owned 377,086 shares of the financial services provider’s stock after purchasing an additional 364,320 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Bank of America were worth $20,525,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Turim 21 Investimentos Ltda. purchased a new stake in shares of Bank of America during the 2nd quarter worth about $25,000. Abound Financial LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC grew its stake in shares of Bank of America by 167.6% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock valued at $27,000 after buying an additional 300 shares in the last quarter. Principia Wealth Advisory LLC increased its holdings in Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after buying an additional 218 shares during the last quarter. Finally, Vermillion Wealth Management Inc. raised its position in Bank of America by 199.1% during the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Key Stories Impacting Bank of America

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

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. HSBC started coverage on shares of Bank of America in a research note on Monday, September 28th. They issued a “buy” rating and a $65.00 target price for the company. JPMorgan Chase & Co. cut their price target 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. Robert W. Baird lifted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods raised their target price on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Twenty research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.78.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.42 during trading on Monday, reaching $54.17. The stock had a trading volume of 15,374,033 shares, compared to its average volume of 37,135,414. The stock has a fifty day simple moving average of $60.89 and a two-hundred day simple moving average of $56.35. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The firm has a market capitalization of $378.83 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its earnings results 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. The business had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue was up 19.6% compared to the same quarter last year. During the same period last year, the business posted $0.89 EPS. As a group, analysts anticipate that Bank of America Corporation will post 4.63 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders 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 annualized dividend 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 29.36%.

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.