37,079 Bank of America Corporation $BAC Shares Bought by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC grew its position in Bank of America Corporation (NYSE:BAC) by 290.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,851 shares of the financial services provider’s stock after purchasing an additional 37,079 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Bank of America were worth $2,713,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Tempus Wealth Planning LLC lifted its holdings in shares of Bank of America by 26.1% in the 3rd quarter. Tempus Wealth Planning LLC now owns 40,246 shares of the financial services provider’s stock valued at $2,191,000 after purchasing an additional 8,325 shares during the last quarter. Union Savings Bank increased its holdings in shares of Bank of America by 8.2% in the 3rd quarter. Union Savings Bank now owns 10,637 shares of the financial services provider’s stock valued at $579,000 after acquiring an additional 805 shares during the period. Elmwood Wealth Management Inc. raised its position in Bank of America by 85.9% in the 3rd quarter. Elmwood Wealth Management Inc. now owns 9,923 shares of the financial services provider’s stock valued at $540,000 after purchasing an additional 4,585 shares during the last quarter. Baker Ellis Asset Management LLC increased its stake in Bank of America by 30.0% in the third quarter. Baker Ellis Asset Management LLC now owns 26,657 shares of the financial services provider’s stock valued at $1,451,000 after purchasing an additional 6,152 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC lifted its position in Bank of America by 2.7% during the 3rd quarter. Mitchell & Pahl Private Wealth LLC now owns 53,058 shares of the financial services provider’s stock worth $2,888,000 after acquiring an additional 1,379 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

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

• Positive Sentiment: Underlying banking activity remained healthy: net interest income increased 8% year over year to $16.4 billion, consumer banking revenue rose 4%, wealth-management revenue climbed 13%, average loans grew 6%, and deposits increased 2%. The bank also returned $8.3 billion to shareholders through dividends and share repurchases. Bank of America Reports Third-Quarter Results
• Positive Sentiment: Some market commentary argued that the selloff could create a long-term buying opportunity, while options activity and a reported institutional purchase of long-dated BAC call options pointed to bullish interest among some investors. Unusual Long-Dated BAC Call Options
• Neutral Sentiment: CEO Brian Moynihan said Bank of America is addressing regulatory requirements and expects elevated remediation and software-patching expenses to decline over time. The bank hired about 1,000 contractors to help fix software vulnerabilities identified through Anthropic’s Mythos testing. Bank of America Software-Patching Costs
• Negative Sentiment: Adjusted EPS was $1.08 versus the $1.10 consensus, while revenue of roughly $30.0 billion missed estimates near $30.6 billion. Reported net income fell 17% to $6.9 billion, or $0.91 per share, after the regulatory charge. Bank of America Earnings Miss
• Negative Sentiment: Regulators imposed approximately $1.21 billion in penalties over anti-money-laundering, Bank Secrecy Act, and sanctions-compliance failures, including failures to timely report more than $5 billion in suspicious transactions. The non-tax-deductible charge reduced quarterly earnings by about $0.17 per share and intensified concerns that compliance problems may persist. Bank of America Regulatory Penalties
• Negative Sentiment: Expenses rose faster than revenue, pushing the adjusted efficiency ratio to about 62% from 60%. Bond-trading revenue fell 17%, investment-banking and trading results disappointed, and provisions for credit losses reached $1.3 billion. Hotter-than-expected inflation and several shareholder-law-firm investigations added to the cautious backdrop.

Bank of America Stock Performance

NYSE:BAC opened at $51.40 on Thursday. The firm’s fifty day simple moving average is $59.51 and its 200-day simple moving average is $56.69. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The stock has a market cap of $359.45 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $29.96 billion during the quarter, compared to analysts’ expectations of $30.58 billion. During the same period last year, the business posted $1.06 earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 4.60 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is 29.36%.

Analyst Ratings Changes

A number of research firms have recently issued reports on BAC. Citigroup upped their price target on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Morgan Stanley restated an “overweight” rating on shares of Bank of America in a research report on Tuesday, September 15th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. TD Cowen started coverage on shares of Bank of America in a report on Thursday, October 8th. They issued a “hold” rating and a $60.00 target price on the stock. Finally, Truist Financial dropped their price target on shares of Bank of America from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, October 1st. Nineteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $64.22.

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.