Sigma Planning Corp Boosts Position in Bank of America Corporation $BAC

Sigma Planning Corp raised its position in Bank of America Corporation (NYSE:BAC) by 18.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 116,476 shares of the financial services provider’s stock after acquiring an additional 18,220 shares during the quarter. Sigma Planning Corp’s holdings in Bank of America were worth $6,009,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of Bank of America by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after purchasing an additional 403,652 shares during the period. Norges Bank purchased a new stake in Bank of America during the second quarter valued at approximately $5,091,641,000. Fisher Asset Management LLC raised its position in Bank of America by 5.2% in the second quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after acquiring an additional 2,557,943 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Bank of America by 124.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after acquiring an additional 9,782,208 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Bank of America by 5.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 17,438,466 shares of the financial services provider’s stock valued at $899,650,000 after acquiring an additional 875,514 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Morgan Stanley decreased their price objective on Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. The Goldman Sachs Group boosted their price objective on Bank of America from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Barclays raised their target price on shares of Bank of America from $59.00 to $71.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Finally, Piper Sandler increased their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, January 15th. Twenty-two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.30.

More Bank of America News

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

• Positive Sentiment: Large growth/fee opportunity — BofA plans to commit $25 billion of its own capital to expand private?credit and direct?lending activity, a move that can boost fee income, diversify lending channels and signal aggressive growth of non?interest revenue. BofA commits $25 billion to private-credit deals, memo shows
• Positive Sentiment: Client acquisition and deposit strategy — BofA is redesigning a no?fee rewards program aimed at expanding relationships with checking clients (potentially ~30M more), which could deepen deposit balances and cross?sell into cards and wealth management over time. How BAC’s No-Fee Rewards Program Can Be a Slow-Burn Growth Driver
• Positive Sentiment: Wealth business recognition — Merrill had 24 advisors named to Financial Planning’s Top 40 Brokers Under 40, underscoring talent depth in wealth management, which supports fee revenue stability and advisor retention. 24 Merrill Advisors Recognized on Financial Planning’s Top 40 Brokers Under 40 List
• Neutral Sentiment: Investor attention rising — Screening and search interest in BAC has picked up, which can amplify moves both ways depending on incoming data and macro headlines. Investors Heavily Search Bank of America Corporation (BAC)
• Neutral Sentiment: Macro/sector commentary — Bank of America Securities flagged the housing rebound as shaky (weak year?on?year), which is sector commentary that could influence mortgage volumes but isn’t an immediate hit to BAC’s broad franchise. Home Construction Rebound Looks Shaky, Says Analyst
• Negative Sentiment: Risk/valuation concerns in private credit — Coverage from FT and others notes growing industry moves into private credit and flags mounting concerns about the sector’s health and underwriting risk; deploying large balance?sheet capital raises exposure and regulatory/credit?cycle risk if conditions sour. Bank of America commits $25bn to private credit lending

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.04 on Friday. The firm has a market cap of $387.35 billion, a price-to-earnings ratio of 13.85, a P/E/G ratio of 1.30 and a beta of 1.29. The firm has a fifty day moving average price of $54.29 and a 200 day moving average price of $52.27. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $27.73 billion. During the same period in the previous year, the firm posted $0.82 EPS. Bank of America’s revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be given a $0.28 dividend. 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 currently 29.24%.

Bank of America Company Profile

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.