Bank of America Corporation $BAC Position Increased by SteelPeak Wealth LLC

SteelPeak Wealth LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 26.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 152,274 shares of the financial services provider’s stock after buying an additional 31,647 shares during the period. SteelPeak Wealth LLC’s holdings in Bank of America were worth $8,288,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Legal & General Group Plc acquired a new position in shares of Bank of America in the 2nd quarter valued at $2,571,060,000. Deutsche Bank AG purchased a new position in Bank of America in the 2nd quarter worth about $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in Bank of America during the 2nd quarter worth about $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Bank of America during the 2nd quarter worth about $939,807,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Bank of America during the 2nd quarter worth about $916,398,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $51.28 on Friday. The stock has a market cap of $358.59 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. The business has a fifty day simple moving average of $59.05 and a 200-day simple moving average of $56.69. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share 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 business had revenue of $29.96 billion for the quarter, compared to analysts’ expectations of $30.58 billion. During the same quarter in the prior year, the firm posted $1.06 EPS. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.54 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.5%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is currently 30.40%.

Bank of America News Summary

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

Analysts Set New Price Targets

A number of analysts have commented on BAC shares. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Thursday. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, October 2nd. Wells Fargo & Company dropped their target price on shares of Bank of America from $69.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday. Royal Bank Of Canada cut their price target on shares of Bank of America from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Evercore set a $62.00 price target on shares of Bank of America in a research report on Thursday, October 1st. Twenty analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.52.

About Bank of America

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.