Concord Investment Counsel Inc. Takes $12 Million Position in Bank of America Corporation $BAC

Posted by Francis Steltz on Aug 26th, 2026

Concord Investment Counsel Inc. purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel reports. The firm purchased 210,638 shares of the financial services provider’s stock, valued at approximately $11,997,000. Bank of America comprises about 3.3% of Concord Investment Counsel Inc.’s portfolio, making the stock its 11th largest position.

A number of other hedge funds have also bought and sold shares of BAC. Korea Investment CORP purchased a new position in Bank of America in the second quarter worth $223,085,000. EP Wealth Advisors LLC bought a new position in Bank of America in the 2nd quarter valued at $652,000. Pinnacle West Asset Management Inc. purchased a new stake in shares of Bank of America during the 2nd quarter valued at $374,000. Ieq Capital LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at $410,000. Finally, Burnham & Co LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $199,000. 70.71% of the stock is currently owned by institutional investors.

Key Headlines Impacting Bank of America

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

Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BAC shares. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, July 6th. Morgan Stanley lifted their price objective on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada increased their target price on shares of Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Finally, Argus set a $70.00 price target on shares of Bank of America in a research note on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $64.08.

Get Our Latest Report on BAC

Bank of America Stock Up 0.3%

BAC stock opened at $62.50 on Wednesday. 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 company has a market capitalization of $437.04 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The stock has a fifty day moving average of $60.84 and a 200-day moving average of $54.78.

Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.89 EPS. As a group, equities research analysts predict that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.32 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is 25.69%.

Bank of America Company Profile

(Free Report)

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.