Private Advisory Group LLC Trims Stock Holdings in Bank of America Corporation $BAC

Private Advisory Group LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 10.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 130,737 shares of the financial services provider’s stock after selling 15,804 shares during the quarter. Private Advisory Group LLC’s holdings in Bank of America were worth $6,745,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Shepherd Financial Partners LLC raised its stake in Bank of America by 0.3% during the 3rd quarter. Shepherd Financial Partners LLC now owns 60,279 shares of the financial services provider’s stock worth $3,110,000 after acquiring an additional 189 shares during the period. William B. Walkup & Associates Inc. increased its stake in shares of Bank of America by 1.4% in the third quarter. William B. Walkup & Associates Inc. now owns 14,020 shares of the financial services provider’s stock worth $723,000 after purchasing an additional 192 shares in the last quarter. Albion Financial Group UT raised its position in shares of Bank of America by 1.6% during the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock valued at $672,000 after purchasing an additional 205 shares during the period. Motive Wealth Advisors lifted its stake in shares of Bank of America by 3.6% during the 3rd quarter. Motive Wealth Advisors now owns 5,910 shares of the financial services provider’s stock valued at $305,000 after buying an additional 205 shares in the last quarter. Finally, Howard Financial Services LTD. boosted its holdings in Bank of America by 2.5% in the 3rd quarter. Howard Financial Services LTD. now owns 8,508 shares of the financial services provider’s stock worth $439,000 after buying an additional 205 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $53.04 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $57.55. The company’s 50-day moving average price is $54.29 and its 200-day moving average price is $52.32. The company has a market cap of $387.35 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.30 and a beta of 1.29.

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

Bank of America Announces Dividend

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

Bank of America News Roundup

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on BAC. Robert W. Baird boosted their price objective on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Morgan Stanley lowered their price target on Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Royal Bank Of Canada increased their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, December 12th. CICC Research assumed coverage on shares of Bank of America in a report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 target price on the stock. Finally, Piper Sandler upped their target price on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 15th. Twenty-two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $60.30.

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.