Iowa State Bank Acquires 10,089 Shares of Bank of America Corporation $BAC

Iowa State Bank grew its holdings in Bank of America Corporation (NYSE:BAC) by 10.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 103,828 shares of the financial services provider’s stock after buying an additional 10,089 shares during the period. Iowa State Bank’s holdings in Bank of America were worth $5,651,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Deutsche Bank AG grew its stake in Bank of America by 5.9% during 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 acquiring an additional 2,611,776 shares in the last quarter. Legal & General Group Plc purchased a new position in Bank of America in the 2nd quarter worth approximately $2,571,060,000. Bank of New York Mellon Corp purchased a new position in Bank of America in the 2nd quarter worth approximately $2,313,953,000. Amundi boosted its holdings 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 worth $2,066,274,000 after purchasing an additional 4,721,969 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Bank of America by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider’s stock worth $1,517,599,000 after purchasing an additional 561,413 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods increased their price target on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. HSBC started coverage on Bank of America in a report on Monday, September 28th. They issued a “buy” rating and a $65.00 target price for the company. Argus set a $70.00 price target on Bank of America in a report on Wednesday, July 15th. Finally, Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $64.12.

Bank of America Trading Up 0.2%

Shares of Bank of America stock traded up $0.12 during trading hours on Tuesday, hitting $54.12. The company’s stock had a trading volume of 11,643,858 shares, compared to its average volume of 37,105,500. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The firm has a fifty day moving average of $60.73 and a 200-day moving average of $56.40. The stock has a market cap 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. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (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 firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period last year, the company earned $0.89 EPS. The company’s quarterly revenue was up 19.6% on a year-over-year basis. Research analysts forecast that Bank of America Corporation will post 4.63 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a $0.32 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. Bank of America’s payout ratio is presently 29.36%.

More Bank of America News

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

• Positive Sentiment: JPMorgan maintained its Overweight rating on BAC, reinforcing confidence in the bank’s valuation and earnings outlook. JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Bank of America strategists said two-year Treasury yields could rise further as economic data remains robust. Higher rates can support banks’ net interest income, although the benefit depends on deposit and loan pricing. Two-Year Treasury Yields Could Rise Further Due to Robust Economy
• Positive Sentiment: A market screen identified BAC as an oversold large-cap name that could benefit if investors rotate beyond technology stocks. This may support near-term buying interest, though it is a technical rather than fundamental catalyst. Five Oversold Corners of the Market
• Neutral Sentiment: Bank of America launched expanded fraud-prevention education for small businesses, including checklists, online content and webinars. The initiative may strengthen client relationships and trust, but it is unlikely to materially affect near-term earnings. Bank of America Expands Fraud Education
• Neutral Sentiment: Recent Merrill Lynch disclosures showing changes in holdings of several Turkish companies appear to be routine client or subsidiary trading activity, with no clear direct effect on BAC’s fundamentals.
• Negative Sentiment: Investor commentary remains cautious ahead of third-quarter results, citing evolving risks that could affect credit quality, expenses, capital markets activity and the outlook for interest-sensitive revenue. Bank of America: As Q3 Earnings Near, Cautious of Evolving Risks

Bank of America 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.