Bank of America Corporation $BAC Shares Sold by Dakota Wealth Management

Dakota Wealth Management decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 20.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 192,109 shares of the financial services provider’s stock after selling 48,291 shares during the quarter. Dakota Wealth Management’s holdings in Bank of America were worth $9,911,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Quaker Wealth Management LLC grew its position in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. Steph & Co. raised its position in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares in the last quarter. Collier Financial bought a new position in Bank of America during the third quarter worth $30,000. Marquette Asset Management LLC acquired a new position in Bank of America in the third quarter worth $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new stake in Bank of America during the third quarter valued at $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America is committing roughly $25 billion of its balance sheet to private-credit deals, a move that can boost fee income and lending yields as the bank leverages its scale to provide direct financing. This is a clear strategic push into higher-return, fee-generating activity. Read More.
• Positive Sentiment: Merrill (Bank of America’s wealth arm) launched the Direct Markets Group, a specialized trading desk for ultra-high-net-worth individuals and family offices ($50M+). That targets a lucrative client segment and could raise trading/commission revenues and client retention over time. Read More.
• Neutral Sentiment: Bank of America research continues to be active in the market (examples include published stock picks and analyst actions), which raises the firm’s profile but has limited direct impact on BAC’s own fundamentals. These notes can influence market perception but are not company earnings or capital events. Read More.

Bank of America Stock Performance

Shares of BAC stock opened at $51.04 on Tuesday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $57.55. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $372.70 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 1.30 and a beta of 1.29. The business has a 50 day simple moving average of $54.21 and a 200 day simple moving average of $52.36.

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, topping analysts’ consensus estimates 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 in the previous year, the firm posted $0.82 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be paid 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 yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 29.24%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Evercore set a $59.00 target price on Bank of America in a report on Thursday, January 15th. Royal Bank Of Canada raised their price target on Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Truist Financial reduced their price objective on Bank of America from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Twenty-two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus 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.