Bank of America Corporation $BAC Stock Holdings Increased by Everhart Financial Group Inc.

Everhart Financial Group Inc. raised its position in Bank of America Corporation (NYSE:BAC) by 33.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,605 shares of the financial services provider’s stock after purchasing an additional 14,594 shares during the period. Everhart Financial Group Inc.’s holdings in Bank of America were worth $3,190,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of BAC. Gradient Investments LLC grew its position in shares of Bank of America by 10.8% in the third quarter. Gradient Investments LLC now owns 784,317 shares of the financial services provider’s stock valued at $42,690,000 after purchasing an additional 76,481 shares during the period. Avidian Wealth Enterprises LLC raised its stake in Bank of America by 21.2% during the third quarter. Avidian Wealth Enterprises LLC now owns 116,705 shares of the financial services provider’s stock worth $6,352,000 after purchasing an additional 20,385 shares during the period. Veracity Capital LLC raised its position in shares of Bank of America by 39.5% in the 3rd quarter. Veracity Capital LLC now owns 9,775 shares of the financial services provider’s stock worth $532,000 after buying an additional 2,766 shares during the period. Tactive Advisors LLC boosted its holdings in Bank of America by 47.7% in the third quarter. Tactive Advisors LLC now owns 5,414 shares of the financial services provider’s stock valued at $295,000 after acquiring an additional 1,748 shares during the last quarter. Finally, New Covenant Trust Company N.A. increased its stake in Bank of America by 39.5% during the third quarter. New Covenant Trust Company N.A. now owns 16,839 shares of the financial services provider’s stock worth $917,000 after acquiring an additional 4,771 shares during the last quarter. 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: TD Cowen initiated coverage with a Hold rating and a $60 price target, implying meaningful upside from recent trading levels. While the rating is cautious, the target suggests analysts see room for recovery. TD Cowen initiates coverage of Bank of America
• Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve net interest income, a key earnings driver for large banks. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: UBS maintained its Buy rating on BAC, reinforcing the view that the bank’s valuation and earnings outlook remain attractive. UBS keeps Buy rating on Bank of America
• Positive Sentiment: Management highlighted the use of artificial intelligence to personalize customer service and improve operations. Successful implementation could support efficiency and long-term competitiveness. How Bank of America is using AI to reinvent the customer experience

Bank of America Price Performance

NYSE:BAC traded down $0.52 during mid-day trading on Thursday, reaching $53.00. 29,948,404 shares of the company were exchanged, compared to its average volume of 37,093,055. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a fifty day moving average of $60.41 and a 200 day moving average of $56.49. 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 stock has a market cap of $370.64 billion, a PE ratio of 12.16, a PEG ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The company’s revenue was up 19.6% on a year-over-year basis. On average, research analysts anticipate that Bank of America Corporation will post 4.61 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced 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 an increase 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 annualized dividend and a dividend yield of 2.4%. Bank of America’s payout ratio is 29.36%.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. Rothschild & Co Redburn set a $72.00 price target on shares of Bank of America in a report on Tuesday. Royal Bank Of Canada upped their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Citigroup boosted their price objective on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Truist Financial lowered their target price on Bank of America from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, October 1st. Finally, Evercore set a $62.00 price objective on shares of Bank of America in a research note on Thursday, October 1st. Nineteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $64.22.

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.