Bank of America Corporation $BAC Shares Purchased by Ashurst Perkins Coie Trust Co

Ashurst Perkins Coie Trust Co lifted its stake in Bank of America Corporation (NYSE:BAC) by 2,891.2% during the third quarter, HoldingsChannel reports. The firm owned 30,420 shares of the financial services provider’s stock after purchasing an additional 29,403 shares during the period. Ashurst Perkins Coie Trust Co’s holdings in Bank of America were worth $1,656,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Turim 21 Investimentos Ltda. purchased a new stake in Bank of America in the 2nd quarter valued at about $25,000. Abound Financial LLC bought a new position in Bank of America in the 4th quarter worth about $26,000. Cherry Tree Wealth Management LLC grew its stake in Bank of America by 167.6% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 300 shares in the last quarter. Principia Wealth Advisory LLC increased its position in shares of Bank of America by 69.9% during the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 218 shares during the period. Finally, Frazier Financial Advisors LLC purchased a new position in shares of Bank of America during the second quarter worth approximately $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 4.7%

NYSE BAC opened at $51.40 on Thursday. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a 50 day moving average price of $59.51 and a 200 day moving average price of $56.69. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a market cap of $359.45 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). The firm had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the business earned $1.06 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.60 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America’s payout ratio is currently 29.36%.

Wall Street Analyst Weigh In

BAC has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Wells Fargo & Company raised their price objective on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $72.00 target price on Bank of America in a research report on Tuesday, October 6th. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, UBS Group lowered their target price on Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a report on Monday, October 5th. Nineteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $64.22.

More Bank of America News

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

• Positive Sentiment: Underlying banking activity remained healthy: net interest income increased 8% year over year to $16.4 billion, consumer banking revenue rose 4%, wealth-management revenue climbed 13%, average loans grew 6%, and deposits increased 2%. The bank also returned $8.3 billion to shareholders through dividends and share repurchases. Bank of America Reports Third-Quarter Results
• Positive Sentiment: Some market commentary argued that the selloff could create a long-term buying opportunity, while options activity and a reported institutional purchase of long-dated BAC call options pointed to bullish interest among some investors. Unusual Long-Dated BAC Call Options
• Neutral Sentiment: CEO Brian Moynihan said Bank of America is addressing regulatory requirements and expects elevated remediation and software-patching expenses to decline over time. The bank hired about 1,000 contractors to help fix software vulnerabilities identified through Anthropic’s Mythos testing. Bank of America Software-Patching Costs
• Negative Sentiment: Adjusted EPS was $1.08 versus the $1.10 consensus, while revenue of roughly $30.0 billion missed estimates near $30.6 billion. Reported net income fell 17% to $6.9 billion, or $0.91 per share, after the regulatory charge. Bank of America Earnings Miss
• Negative Sentiment: Regulators imposed approximately $1.21 billion in penalties over anti-money-laundering, Bank Secrecy Act, and sanctions-compliance failures, including failures to timely report more than $5 billion in suspicious transactions. The non-tax-deductible charge reduced quarterly earnings by about $0.17 per share and intensified concerns that compliance problems may persist. Bank of America Regulatory Penalties
• Negative Sentiment: Expenses rose faster than revenue, pushing the adjusted efficiency ratio to about 62% from 60%. Bond-trading revenue fell 17%, investment-banking and trading results disappointed, and provisions for credit losses reached $1.3 billion. Hotter-than-expected inflation and several shareholder-law-firm investigations added to the cautious backdrop.

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.