Bank of America Corporation $BAC Shares Acquired by State of Alaska Department of Revenue

Posted by Francis Steltz on Oct 15th, 2026

State of Alaska Department of Revenue lifted its holdings in Bank of America Corporation (NYSE:BAC) by 20.2% during the third quarter, HoldingsChannel.com reports. The firm owned 837,790 shares of the financial services provider’s stock after purchasing an additional 140,735 shares during the period. State of Alaska Department of Revenue’s holdings in Bank of America were worth $45,601,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Legal & General Group Plc acquired a new position in shares of Bank of America during the 2nd quarter worth about $2,571,060,000. Deutsche Bank AG acquired a new stake in shares of Bank of America in the second quarter valued at about $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in shares of Bank of America in the second quarter valued at about $2,313,953,000. Amundi increased its position in shares of 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 acquiring an additional 4,721,969 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Bank of America by 1.8% during the first 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America News Roundup

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

Positive Sentiment: Analyst support remains a partial tailwind. Robert W. Baird upgraded BAC to “outperform” with a $62 price target, while Keefe, Bruyette & Woods maintained an “outperform” rating with a $65 target. Several other analysts still see upside from current levels. Analyst ratings and price targets
Positive Sentiment: Management highlighted stronger underlying banking trends, including 8% year-over-year net interest income growth, expanding loans and deposits, and a goal of at least 8% NII growth in 2027. Consumer banking and wealth management also helped offset weakness in trading and investment banking. Q3 earnings call highlights
Positive Sentiment: BAC’s valuation and shareholder returns may attract long-term investors following the selloff. The bank returned $8.3 billion to shareholders through dividends and repurchases, while its relatively low earnings multiple could support a recovery if costs and compliance issues improve.
Neutral Sentiment: Truist, TD Cowen and Morgan Stanley lowered their price targets, but their revised targets remain above the current share price. Ratings ranged from “hold” to “outperform,” signaling continued optimism about the franchise but greater near-term caution.
Negative Sentiment: The main overhang is a more than $1.2 billion non-tax-deductible penalty tied to anti-money-laundering and sanctions-control failures. Regulators said Bank of America failed to report more than $5 billion in suspicious transactions. The charge reduced quarterly earnings by roughly $0.17 per share and raises concerns about additional remediation costs and management oversight. Reuters report on Bank of America penalty
Negative Sentiment: Third-quarter adjusted EPS of $1.08 and revenue of approximately $30.0 billion missed analyst expectations. Weaker fixed-income trading, investment-banking activity, higher credit-loss provisions and rising expenses pressured results, while unrealized bond losses reportedly climbed to $109 billion as long-term yields increased. BAC Q3 earnings analysis
Negative Sentiment: Bank of America is also hiring about 1,000 contractors to address software weaknesses exposed by advanced AI testing, adding to compliance and technology expenses. Several law firms have announced shareholder investigations, creating an additional reputational and potential legal risk.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BAC shares. Argus set a $70.00 price target on Bank of America in a research report on Wednesday, July 15th. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Barclays dropped their price target on shares of Bank of America from $72.00 to $68.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Rothschild & Co Redburn set a $72.00 price target on shares of Bank of America in a research note on Tuesday, October 6th. Twenty investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.78.

Check Out Our Latest Stock Report on Bank of America

Bank of America Stock Performance

NYSE BAC traded up $0.53 during trading on Thursday, reaching $51.92. 21,186,250 shares of the company’s stock were exchanged, compared to its average volume of 37,517,078. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50 day moving average price of $59.51 and a 200-day moving average price of $56.69. The stock has a market capitalization of $363.08 billion, a P/E ratio of 11.92, a PEG ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. During the same period in the previous year, the business earned $1.06 earnings per share. The business’s quarterly revenue was up 3.2% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 4.60 earnings per share 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 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is presently 29.36%.

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.