345,664 Bank of America Corporation $BAC Shares Purchased by Fort Washington Investment Advisors Inc. OH

by · The Markets Daily

Fort Washington Investment Advisors Inc. OH raised its position in Bank of America Corporation (NYSE:BAC) by 6.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,093,838 shares of the financial services provider’s stock after buying an additional 345,664 shares during the period. Bank of America accounts for about 1.6% of Fort Washington Investment Advisors Inc. OH’s investment portfolio, making the stock its 10th biggest position. Fort Washington Investment Advisors Inc. OH owned 0.09% of Bank of America worth $331,688,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new stake in shares of Bank of America during the second quarter worth approximately $2,571,060,000. Deutsche Bank AG acquired a new position in shares of Bank of America in the 2nd quarter worth approximately $2,359,172,000. Bank of New York Mellon Corp acquired a new position in shares of 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% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after acquiring an additional 4,721,969 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Bank of America by 1.8% in 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 acquiring an additional 561,413 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Key Headlines Impacting Bank of America

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.

Bank of America Stock Down 4.7%

Shares of BAC opened at $51.40 on Thursday. The firm has a market capitalization of $359.45 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.87 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. The business’s fifty day moving average price is $59.51 and its two-hundred day moving average price is $56.69. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS 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%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business posted $1.06 earnings per share. On average, analysts predict that Bank of America Corporation will post 4.60 earnings per share for the current year.

Bank of America Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Evercore set a $62.00 price target on Bank of America in a research report on Thursday, October 1st. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Barclays lifted their price objective on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. HSBC initiated coverage on Bank of America in a research note on Monday, September 28th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, TD Cowen assumed coverage on Bank of America in a report on Thursday, October 8th. They set a “hold” rating and a $60.00 target price on the stock. Nineteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $64.22.

Get Our Latest Stock Analysis on Bank of America

About Bank of America

(Free Report)

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.

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