Dakota Wealth Management has reduced its stake in Bank of America Corporation (NYSE:BAC) by 20.1% during the third quarter of 2023, according to a report from HoldingsChannel.com. The firm now holds 192,109 shares after selling 48,291 shares in the period, with its total investment valued at approximately $9,911,000 based on its most recent filing with the U.S. Securities and Exchange Commission.
Several other institutional investors have also adjusted their positions in Bank of America. Quaker Wealth Management LLC significantly increased its holdings by 246.5% during the second quarter, acquiring an additional 880 shares to reach a total of 523 shares, valued at $25,000. Similarly, Steph & Co. raised its stake by 224.3% during the third quarter, now owning 548 shares worth $28,000 after acquiring 379 shares in the last quarter. Other notable investments include Collier Financial and Marquette Asset Management LLC, both acquiring new positions valued at $30,000, and Mountain Hill Investment Partners Corp., which purchased a stake worth $31,000. Overall, institutional investors and hedge funds now hold approximately 70.71% of Bank of America’s stock.
Bank of America’s Financial Performance
Bank of America recently reported its quarterly earnings on January 14, 2024. The financial services provider announced earnings per share (EPS) of $0.98, exceeding analysts’ expectations of $0.96 by $0.02. The company achieved a return on equity of 11.07% and a net margin of 16.23%. Quarterly revenue reached $4.53 billion, surpassing analyst estimates of $27.73 billion. This represents a 12.3% increase compared to the same quarter the previous year, which saw an EPS of $0.82.
Market analysts project that Bank of America Corporation will post an EPS of 3.7 for the current year, indicating positive growth expectations.
Dividend Announcement and Analyst Ratings
In addition to its earnings report, Bank of America has declared a quarterly dividend of $0.28 per share, set to be paid on March 27, 2024. Shareholders of record as of March 6, 2024, will be eligible for this payment, marking an annualized dividend of $1.12 and a yield of 2.2%. The company’s current dividend payout ratio stands at 29.24%.
Bank of America stock has received various ratings from financial analysts. On January 6, 2024, JPMorgan Chase & Co. raised their price target from $58.00 to $61.00, maintaining an “overweight” rating. Wall Street Zen upgraded its rating from “sell” to “hold” on February 14, 2024. Other firms, including Evercore and Royal Bank of Canada, have set targets of $59.00, reflecting a generally positive outlook. Currently, twenty-two analysts have assigned a Buy rating, while four have issued a Hold rating, leading to a consensus rating of “Moderate Buy” and a target price of $60.30.
As Bank of America continues to navigate the financial landscape, these recent developments highlight the company’s ongoing adjustments in shareholding and positive financial indicators that may influence future investor confidence and market performance.
