Robertson Stephens Wealth Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 26.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 285,650 shares of the financial services provider’s stock after purchasing an additional 59,853 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Bank of America were worth $15,548,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Total Clarity Wealth Management Inc. grew its holdings in shares of Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after buying an additional 168 shares in the last quarter. Orca Wealth Management LLC raised its position in Bank of America by 0.5% during the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after buying an additional 179 shares during the period. Financial Consulate Inc. raised its position in Bank of America by 4.0% during the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock valued at $270,000 after buying an additional 181 shares during the period. Bedel Financial Consulting Inc. lifted its stake in Bank of America by 1.1% in the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock worth $938,000 after acquiring an additional 184 shares in the last quarter. Finally, GatePass Capital LLC lifted its stake in Bank of America by 3.6% in the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock worth $266,000 after acquiring an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the company. TD Cowen decreased their price objective on Bank of America from $60.00 to $56.00 and set a “hold” rating for the company in a research report on Thursday. Barclays dropped their target price on Bank of America from $72.00 to $68.00 and set an “overweight” rating on the stock in a report on Thursday. Wells Fargo & Company reduced their price target on shares of Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday. Truist Financial decreased their price target on shares of Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a report on Thursday. Finally, Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Twenty equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $62.52.
Read Our Latest Research Report on BAC
More 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 Price Performance
Shares of NYSE:BAC opened at $51.28 on Friday. The firm has a market cap of $358.59 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.83 and a beta of 1.21. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17. The business has a fifty day simple moving average of $59.05 and a 200 day simple moving average of $56.69.
Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The firm had revenue of $29.96 billion during the quarter, compared to analysts’ expectations of $30.58 billion. During the same quarter last year, the firm earned $1.06 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 4.54 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a dividend of $0.32 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America’s dividend payout ratio (DPR) is 30.40%.
Bank of America Profile
Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.
The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.
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