Central Bank & Trust Co. Grows Stock Position in Bank of America Corporation $BAC

Central Bank & Trust Co. raised its stake in Bank of America Corporation (NYSE:BAC) by 610.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 44,429 shares of the financial services provider’s stock after purchasing an additional 38,173 shares during the quarter. Central Bank & Trust Co.’s holdings in Bank of America were worth $2,418,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. WoodTrust Financial Corp grew its holdings in Bank of America by 5.1% during the 3rd quarter. WoodTrust Financial Corp now owns 125,136 shares of the financial services provider’s stock valued at $6,811,000 after purchasing an additional 6,062 shares during the last quarter. Insight Wealth Strategies LLC raised its position in Bank of America by 19.3% during the 3rd quarter. Insight Wealth Strategies LLC now owns 6,918 shares of the financial services provider’s stock valued at $377,000 after purchasing an additional 1,119 shares in the last quarter. Cypress Asset Management Inc. TX raised its holdings in shares of Bank of America by 139.8% in the third quarter. Cypress Asset Management Inc. TX now owns 43,981 shares of the financial services provider’s stock valued at $2,394,000 after acquiring an additional 25,639 shares in the last quarter. Vilga Financial Planning LLC grew its holdings in Bank of America by 30.5% during the 3rd quarter. Vilga Financial Planning LLC now owns 10,289 shares of the financial services provider’s stock worth $560,000 after acquiring an additional 2,407 shares in the last quarter. Finally, Breakwater Capital Group increased its holdings in Bank of America by 11.4% during the third quarter. Breakwater Capital Group now owns 43,029 shares of the financial services provider’s stock valued at $2,342,000 after buying an additional 4,401 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BAC shares. Royal Bank Of Canada boosted their target price on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Morgan Stanley reaffirmed an “overweight” rating on shares of Bank of America in a report on Tuesday, September 15th. Evercore set a $62.00 target price on Bank of America in a report on Thursday, October 1st. Citigroup raised their price objective on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Finally, Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Nineteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.22.

Bank of America Stock Up 1.0%

Shares of NYSE:BAC traded up $0.52 during trading hours on Friday, reaching $54.12. The stock had a trading volume of 11,015,263 shares, compared to its average volume of 37,125,707. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The firm’s 50 day moving average is $60.25 and its 200-day moving average is $56.54. The stock has a market capitalization of $378.48 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22.

Bank of America (NYSE:BAC) last posted its 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 business had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The business’s revenue was up 19.6% compared to the same quarter last year. Research analysts predict that Bank of America Corporation will post 4.61 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.32 per share. The ex-dividend date was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.4%. Bank of America’s dividend payout ratio (DPR) is presently 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: Analysts see potential net-interest-income upside. A recent rating upgrade argues that a Federal Reserve policy shift could improve Bank of America’s net interest income, a key revenue driver for the bank. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: TD Cowen initiated coverage with a $60 price target. The firm assigned a Hold rating, but its target implies meaningful potential upside from recent trading levels and provides a new valuation reference for BAC. TD Cowen initiates Bank of America coverage
• Positive Sentiment: Recent operating momentum remains supportive. Bank of America’s latest reported quarter exceeded consensus estimates, with adjusted EPS of $1.21 versus $1.13 expected and revenue of $31.56 billion versus $30.78 billion. Revenue increased 19.6% year over year.
• Neutral Sentiment: Investors are awaiting the October 14 earnings report. Wall Street is assessing expected third-quarter revenue, EPS, net interest income and credit trends. The key risk is whether earnings growth is slowing from last year’s 36% pace to single-digit growth. Bank of America EPS growth expectations
• Neutral Sentiment: Bank of America issued 5.10% senior unsecured notes due 2028. The transaction strengthens near-term funding flexibility, although its coupon also offers investors a market indication of the bank’s borrowing costs and credit risk. Why Bank of America is back in the spotlight
• Negative Sentiment: A $39 million Merrill cash-sweep settlement creates a modest legal and reputational headwind. The cost is unlikely to materially affect BAC’s earnings, but it adds to regulatory and litigation concerns. Bank of America Merrill cash sweep settlement
• Negative Sentiment: Bank of America’s chief strategist warned that a possible Democratic sweep of Congress could reduce risk appetite. The comments are a broad market warning rather than a company-specific development, but weaker investor risk appetite could weigh on financial stocks. BofA strategist warns of market risk

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.