Hanson & Doremus Investment Management raised its holdings in Bank of America Corporation (NYSE:BAC) by 500.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,292 shares of the financial services provider’s stock after purchasing an additional 21,916 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Bank of America were worth $1,431,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Legal & General Group Plc acquired a new stake in Bank of America in the 2nd quarter valued at approximately $2,571,060,000. Deutsche Bank AG purchased a new position in shares of Bank of America in the 2nd quarter valued at about $2,359,172,000. Bank of New York Mellon Corp purchased a new stake in shares of Bank of America during the 2nd quarter worth $2,313,953,000. Amundi increased its stake in Bank of America by 12.5% in the first quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock valued at $2,066,274,000 after purchasing an additional 4,721,969 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Bank of America by 1.8% during 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 hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the stock. Argus set a $70.00 target price on shares of Bank of America in a report on Wednesday, July 15th. Truist Financial cut their price target on Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday. Keefe, Bruyette & Woods dropped their price objective on shares of Bank of America from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Thursday. Citigroup dropped their price target on shares of Bank of America from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 target price on the stock in a research report on Thursday. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $62.52.
Read Our Latest Analysis on BAC
Key Bank of America News
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Analyst support and potential earnings recovery: Baird upgraded BAC to Outperform with a $62 price target, while other analysts maintained Buy or Outperform ratings despite reducing targets. Management also projected at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Baird Upgrades Bank of America Stock Despite a Soft Quarter
- Positive Sentiment: Regulatory remediation is progressing: Bank of America said it has completed substantial work required under a consent order, potentially helping reduce longer-term compliance uncertainty. The bank’s CEO also described the U.S. economy as resilient and growing. Bank of America says it has completed a lot of work on consent order
- Neutral Sentiment: Preferred dividends declared: The board authorized regular cash dividends on multiple preferred-stock series, payable in November and December. The announcement supports the bank’s capital-distribution profile but does not represent a new increase in BAC common-stock dividends. Bank of America Declares Preferred Stock Dividends
- Negative Sentiment: Q3 earnings missed expectations: BAC reported adjusted earnings of $1.08 per share versus a $1.10 consensus, while revenue also fell short. A $1.2 billion anti-money-laundering and sanctions penalty reduced earnings, and expenses grew faster than revenue; weaker fixed-income trading and settlement costs added pressure. Bank of America Stock Sell-Off Looks Like a Buying Opportunity
- Negative Sentiment: Compliance and litigation overhang: Senator Elizabeth Warren criticized the penalty as insufficient, while several law firms announced investigations into potential securities claims and fiduciary-duty issues. These developments could increase legal costs and prolong reputational concerns. Rosen Law Firm Investigation
Bank of America Stock Down 0.8%
BAC opened at $51.28 on Friday. The firm has a market cap of $358.59 billion, a P/E ratio of 12.18, a PEG ratio of 0.84 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The business’s fifty day simple moving average is $59.05 and its 200 day simple moving average 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). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The firm had revenue of $29.96 billion during the quarter, compared to analysts’ expectations of $30.58 billion. During the same period in the previous year, the firm posted $1.06 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corporation will post 4.57 EPS for the current fiscal year.
Bank of America Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is presently 29.36%.
Bank of America Company 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.
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