Bank of America Corporation $BAC Position Lifted by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 6.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 301,171 shares of the financial services provider’s stock after purchasing an additional 17,565 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Bank of America were worth $16,393,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Bamco Inc. NY grew its stake in Bank of America by 45.4% during the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock worth $2,336,000 after purchasing an additional 12,794 shares during the period. E Fund Management Co. Ltd. acquired a new position in Bank of America in the second quarter valued at approximately $4,089,000. Bernicke Wealth Management Ltd. acquired a new position in Bank of America in the second quarter valued at approximately $2,132,000. Aspiriant LLC boosted its holdings in shares of Bank of America by 34.3% during the 3rd quarter. Aspiriant LLC now owns 48,877 shares of the financial services provider’s stock worth $2,660,000 after buying an additional 12,479 shares in the last quarter. Finally, Lakeshore Capital Group Inc. boosted its holdings in shares of Bank of America by 111.8% during the 3rd quarter. Lakeshore Capital Group Inc. now owns 33,642 shares of the financial services provider’s stock worth $1,831,000 after buying an additional 17,759 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Key Stories Impacting Bank of America

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

• Positive Sentiment: UBS retains a Buy rating. UBS lowered its price target from $67 to $62, but the revised target still implies substantial upside from recent trading levels, suggesting the firm views the pullback as an opportunity. UBS Bank of America price target report
• Positive Sentiment: ETF demand provided support. Exchange-traded funds purchased approximately $24.4 million of BAC shares on October 29, indicating continued passive or index-related institutional demand. ETF purchases of Bank of America shares
• Positive Sentiment: Some analysts remain bullish. Recent commentary says Wall Street analysts generally expect Bank of America to recover despite its underperformance relative to the broader market. Premarket trading also offered a tentative indication of stabilization. Wall Street outlook for Bank of America
• Neutral Sentiment: AI-related economic concerns could affect the banking sector. Bank of America economists warned that a sustained sell-off in artificial-intelligence stocks could become a broader economic risk, particularly because equities represent a large share of household wealth. The warning is a macroeconomic risk rather than a company-specific development. Bank of America AI sell-off warning
• Negative Sentiment: Regulatory scrutiny and shareholder lawsuits are weighing on sentiment. Senator Elizabeth Warren is reportedly urging the Justice Department to investigate alleged anti-money-laundering and sanctions-law violations after Bank of America resolved enforcement actions. Multiple law firms also announced securities class actions tied to the alleged violations, with a December 15 lead-plaintiff deadline. These developments could increase legal, compliance and reputational costs, although the allegations and claims have not been proven. Bank of America regulatory scrutiny and class action report

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Morgan Stanley reduced their price target on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday, October 15th. Truist Financial reduced their price objective on Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday, October 15th. Wells Fargo & Company decreased their price objective on Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, October 15th. Jefferies Financial Group lowered their target price on Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Finally, Evercore set a $62.00 price objective on shares of Bank of America in a research note on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $62.48.

Bank of America Stock Performance

BAC stock opened at $49.47 on Tuesday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The business has a 50 day moving average of $56.20 and a 200-day moving average of $54.94. 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 firm has a market cap of $345.95 billion, a PE ratio of 11.75, a P/E/G ratio of 0.89 and a beta of 1.21.

Bank of America (NYSE:BAC) last released its quarterly 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). The firm had revenue of $29.96 billion for the quarter, compared to analysts’ expectations of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.06 earnings per share. As a group, sell-side analysts expect that Bank of America Corporation will post 4.52 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Bank of America’s dividend payout ratio (DPR) is currently 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.