Goelzer Investment Management Inc. Acquires 25,362 Shares of Bank of America Corporation $BAC

Goelzer Investment Management Inc. lifted its stake in Bank of America Corporation (NYSE:BAC) by 11.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 246,926 shares of the financial services provider’s stock after purchasing an additional 25,362 shares during the period. Bank of America comprises about 0.6% of Goelzer Investment Management Inc.’s holdings, making the stock its 29th largest holding. Goelzer Investment Management Inc.’s holdings in Bank of America were worth $13,440,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in BAC. Newport Capital Group LLC acquired a new position in Bank of America in the third quarter valued at $513,000. Baugh & Associates LLC raised its stake in shares of Bank of America by 7.7% during the third quarter. Baugh & Associates LLC now owns 128,396 shares of the financial services provider’s stock worth $6,989,000 after purchasing an additional 9,178 shares during the last quarter. Annex Advisory Services LLC raised its position in Bank of America by 28.8% during the 3rd quarter. Annex Advisory Services LLC now owns 948,578 shares of the financial services provider’s stock worth $51,631,000 after buying an additional 212,157 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. lifted its position in Bank of America by 6.9% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 75,691 shares of the financial services provider’s stock valued at $4,120,000 after purchasing an additional 4,906 shares during the period. Finally, Trail Ridge Investment Advisors LLC boosted its holdings in Bank of America by 36.1% in the 3rd quarter. Trail Ridge Investment Advisors LLC now owns 7,623 shares of the financial services provider’s stock valued at $415,000 after purchasing an additional 2,021 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. TD Cowen lowered their price objective on shares of Bank of America from $60.00 to $56.00 and set a “hold” rating on the stock in a research note on Thursday. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 price objective for the company in a research note on Thursday. HSBC began coverage on Bank of America in a research note on Monday, September 28th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Rothschild & Co Redburn set a $72.00 price target on Bank of America in a report on Tuesday, October 6th. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.52.

Bank of America Price Performance

BAC stock opened at $51.28 on Friday. The company has a market cap of $358.59 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. Bank of America Corporation has a 12-month low of $46.12 and a 12-month 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 stock has a 50-day moving average price of $59.05 and a two-hundred day moving average price of $56.69.

Bank of America (NYSE:BAC) last posted its earnings results 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 return on equity of 12.15% and a net margin of 16.80%. The business had revenue of $29.96 billion for the quarter, compared to analyst estimates of $30.58 billion. During the same period last year, the company posted $1.06 EPS. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, research analysts predict that Bank of America Corporation will post 4.57 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America’s payout ratio is currently 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.