Fagan Associates Inc. Acquires 42,957 Shares of Bank of America Corporation $BAC

Fagan Associates Inc. lifted its holdings in Bank of America Corporation (NYSE:BAC) by 20.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 255,461 shares of the financial services provider’s stock after purchasing an additional 42,957 shares during the quarter. Bank of America accounts for approximately 1.6% of Fagan Associates Inc.’s holdings, making the stock its 17th largest position. Fagan Associates Inc.’s holdings in Bank of America were worth $13,905,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Legal & General Group Plc bought a new stake in shares of Bank of America during the second quarter worth $2,571,060,000. Deutsche Bank AG bought a new stake in shares of Bank of America in the second quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $939,807,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Bank of America in the second quarter valued at about $916,398,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada increased their price target on shares of Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Wells Fargo & Company upped their price target on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Finally, UBS Group reduced their price target on Bank of America from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Nineteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.22.

Bank of America News Summary

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

• Positive Sentiment: BAC is scheduled to report third-quarter earnings before the market opens on October 14. Ahead of the report, the options market had indicated expectations for a relatively limited reaction, while analysts were focused on net interest income, lending trends and funding costs. Bank of America Earnings Preview: Options Market Signals a Muted Reaction
• Neutral Sentiment: Bank of America’s October investor survey found the highest technology-stock overweight since 2020, reflecting strong risk appetite but also potential vulnerability if the AI-led market rally reverses. The survey is strategically relevant to BAC’s research franchise but has limited direct impact on its earnings. BofA Poll Shows Investors Most Exposed to Tech Stocks Since 2020
• Neutral Sentiment: BAC is expanding lifestyle benefits for cardholders through access to New York City Wine & Food Festival events. The initiative may support customer engagement and card spending, but it is unlikely to materially affect near-term results. Bank of America Clients to Enjoy Premium Dining and Lifestyle Experiences
• Negative Sentiment: U.S. regulators said Bank of America failed to timely report more than $5 billion in suspicious transactions and admitted willful Bank Secrecy Act violations. The $1.21 billion package includes a record $750 million penalty from the Office of the Comptroller of the Currency, plus an $11.6 million sanctions settlement involving countries including Russia and Iran. BAC expects a roughly $1.2 billion, non-tax-deductible third-quarter charge, reducing earnings by about $0.17 per share. The action also highlights that the bank failed to resolve deficiencies identified in a 2024 cease-and-desist order. Bank of America hit with more than $1.2 billion in penalties
• Negative Sentiment: Erste Group lowered its Bank of America EPS forecasts to $4.55 for fiscal 2026 and $5.22 for fiscal 2027, adding to concerns about earnings momentum ahead of the quarterly report. Bank of America analyst estimates

Bank of America Stock Down 1.0%

NYSE BAC traded down $0.53 during trading hours on Tuesday, reaching $54.05. 44,924,449 shares of the company’s stock traded hands, compared to its average volume of 37,191,953. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. 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 firm has a 50-day simple moving average of $59.75 and a 200 day simple moving average of $56.67. The firm has a market cap of $377.93 billion, a PE ratio of 12.40, a PEG ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business’s revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.89 earnings per share. Sell-side analysts anticipate that Bank of America Corporation will post 4.61 EPS for the current fiscal 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 is a boost from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, September 4th. Bank of America’s payout ratio is currently 29.36%.

Bank of America 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.