Enterprise Financial Services Corp Increases Stake in Bank of America

Enterprise Financial Services Corp has significantly increased its investment in Bank of America Co. (NYSE:BAC) by 40.9% in the fourth quarter, as detailed in its most recent 13F filing with the Securities and Exchange Commission (SEC). Following additional purchases, the fund now holds 21,884 shares of the financial services company, which were valued at approximately $962,000 at the end of this reporting period.

Institutional Investor Movements

Other institutional investors have also adjusted their stakes in Bank of America. For instance, the Arizona State Retirement System raised its holdings by 0.5%, bringing its total to 2,028,439 shares valued at $89,150,000 after acquiring an extra 10,377 shares last quarter. Accent Capital Management LLC made a more substantial adjustment, increasing its holdings by 43.0% to now own 39,500 shares worth around $1,567,000 after purchasing 11,873 shares in the previous quarter.

Furthermore, Summit Global Investments saw a remarkable increase of 237.6% in their stake, now owning 51,278 shares valued at $2,035,000 following a purchase of 36,089 shares. Keybank National Association OH expanded their position by 1.1%, owning 3,458,616 shares valued at $152,006,000 after acquiring an additional 38,258 shares. Finally, Geode Capital Management LLC improved its holdings by 1.2%, now owning 140,255,970 shares valued at approximately $5,546,871,000 after buying an additional 1,700,141 shares during the period. Institutional investors collectively own 70.71% of Bank of America's stock.

Analyst Insights

Bank of America has garnered attention from various research analysts recently. Wells Fargo & Company raised their price target from $52.00 to $56.00, assigning an "overweight" rating to the stock on November 15th. Robert W. Baird upgraded their rating from "neutral" to "outperform" and increased the price target from $45.00 to $50.00. Evercore ISI adjusted their price target down to $51.00 but maintained an "outperform" rating for the stock on January 17th. Similarly, Oppenheimer increased their price target to $55.00 while reiterating an "outperform" rating. In contrast, one investment analyst has given a sell rating, while six other analysts have rated it as hold, 16 analysts recommend buying, and three have issued a strong buy rating. According to MarketBeat.com, Bank of America currently holds an average rating of "Moderate Buy" along with a consensus price target of $48.64.

Current Stock Performance

As of Friday, NYSE:BAC opened at $41.39. Bank of America maintains a quick ratio and current ratio of 0.78 and a debt-to-equity ratio of 1.04. Over the past year, the stock reached a low of $34.15 and a high of $48.08. Its fifty-day simple moving average is $45.61, and the 200-day simple moving average is $43.72. The company's market capitalization stands at $314.72 billion, with a P/E ratio of 12.85 and a P/E/G ratio of 1.21.

Earnings Announcement

On January 16th, Bank of America announced its quarterly earnings results, reporting earnings per share (EPS) of $0.82, which surpassed analysts' expectations of $0.77 by $0.05. The company recorded revenue of $25.30 billion, exceeding the anticipated $25.12 billion. Bank of America’s return on equity was reported at 10.29%, and the net margin reached 14.10%. Year-over-year, the revenue increased by 15.0%, up from $0.70 EPS recorded the previous year. Analysts predict that Bank of America will post earnings of $3.70 per share for the current fiscal year.

Dividend Information

The company recently announced a quarterly dividend, set to be paid on March 28th, with stockholders of record on March 7th receiving $0.26 per share. This dividend translates to an annualized value of $1.04, leading to a dividend yield of 2.51%. The ex-dividend date falls on March 7th, and Bank of America's dividend payout ratio is 32.30%.

About Bank of America

Bank of America Corporation is a multinational financial services corporation, providing an array of banking and financial products and services. They serve individual consumers, small to medium-sized businesses, institutional investors, large corporations, and governments worldwide. The company operates in four main segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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