Bank of America Corporation $BAC Shares Acquired by First Financial Bank Trust Division

First Financial Bank Trust Division increased its position in shares of Bank of America Corporation (NYSE:BAC) by 14.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 231,099 shares of the financial services provider’s stock after acquiring an additional 29,681 shares during the quarter. Bank of America comprises approximately 1.0% of First Financial Bank Trust Division’s portfolio, making the stock its 26th biggest holding. First Financial Bank Trust Division’s holdings in Bank of America were worth $12,579,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after purchasing an additional 2,929,779 shares during the period. Deutsche Bank AG grew its stake in shares of Bank of America by 5.9% in the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock valued at $2,594,488,000 after buying an additional 2,611,776 shares during the period. Legal & General Group Plc purchased a new stake in shares of Bank of America in the 2nd quarter valued at approximately $2,571,060,000. Capital International Investors acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $2,357,461,000. Finally, Amundi raised its position in shares of Bank of America by 12.5% during the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock valued at $2,066,274,000 after buying an additional 4,721,969 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Argus set a $70.00 target price on Bank of America in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lifted their target price on Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. HSBC started coverage on Bank of America in a research note on Monday. They issued a “buy” rating and a $65.00 price target on the stock. Finally, Evercore set a $62.00 price objective on Bank of America in a research report on Thursday. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.17.

Bank of America Trading Down 1.3%

Bank of America stock traded down $0.72 during trading on Thursday, hitting $53.71. The company had a trading volume of 60,021,763 shares, compared to its average volume of 37,264,602. The stock has a market cap of $375.59 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.88 and a beta of 1.15. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The company’s 50 day simple moving average is $61.21 and its 200-day simple moving average is $56.25.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the prior year, the firm earned $0.89 earnings per share. The firm’s revenue was up 19.6% compared to the same quarter last year. As a group, analysts expect that Bank of America Corporation will post 4.66 EPS 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 issued a $0.32 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is presently 29.36%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones indicate continued demand for the bank’s wealth-management and retirement products. Bank of America retirement strategy announcement
• Positive Sentiment: Truist lowered its BAC price target from $65 to $62 but maintained a “Buy” rating, implying analysts still see meaningful upside from recent trading levels. Bank of America analyst expectations
• Positive Sentiment: The Federal Reserve’s proposed stress-test changes could reduce volatility in banks’ capital requirements and improve planning visibility for institutions such as Bank of America. Federal Reserve stress-test changes
• Neutral Sentiment: Bank of America will report third-quarter results on October 14. Analysts cited in recent coverage expect approximately $1.16 in EPS and $30.93 billion in revenue, making the upcoming report a key catalyst. The bank’s latest reported quarter exceeded consensus estimates, with $1.21 EPS and $31.56 billion in revenue. Bank of America third-quarter earnings date
• Neutral Sentiment: Bank of America is providing Boston Children’s Hospital with a $10 million grant for a pediatric behavioral-health campus. The donation supports the company’s community profile but is unlikely to materially affect earnings. Boston Children’s Hospital grant
• Negative Sentiment: Merrill Lynch reportedly agreed to pay $39 million to settle claims that brokerage customers received unusually low interest on idle cash in retirement accounts. The settlement adds a modest legal cost and reputational risk. Bank of America Merrill Lynch settlement
• Negative Sentiment: Recent commentary warns that Bank of America’s capital cushion may be relatively narrow for sustaining additional dividend increases, potentially forcing management to prioritize capital retention over buybacks or payout growth. Bank of America dividend outlook

About Bank of America

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.