Bank of America Corporation $BAC Stock Holdings Cut by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its position in Bank of America Corporation (NYSE:BAC) by 0.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,377,691 shares of the financial services provider’s stock after selling 43,099 shares during the period. Bank of America makes up 0.5% of New York State Teachers Retirement System’s holdings, making the stock its 25th largest position. New York State Teachers Retirement System owned about 0.07% of Bank of America worth $277,435,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Nova Wealth Management Inc. raised its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Quaker Wealth Management LLC grew its position in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter valued at $28,000. Steph & Co. lifted its position in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares during the last quarter. Finally, CGC Financial Services LLC boosted its stake in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. JPMorgan Chase & Co. upped their target price on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Truist Financial upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday. Phillip Securities lifted their target price on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Barclays boosted their price target on shares of Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.82.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: TD Cowen raised its price target on BAC to $66, which supports upside thesis and signals some analysts see more runway for the shares. TD Cowen Boosts Bank of America Price Target
• Positive Sentiment: HSBC upgraded BAC from Hold to Strong?Buy, adding institutional endorsement that counters some negative headlines. Hsbc Global Res Upgrade (Zacks)
• Neutral Sentiment: Wall Street previews and Q4 previews expect solid EPS and loan growth but flag metrics to watch (NIMs, credit, fees) into the report — these set expectations that could amplify moves on the actual print. BAC Q4 Earnings Preview (Zacks)
• Neutral Sentiment: Bank of America announced accounting guidance changes for tax?equity investments and is pushing into fixed?income & digital?asset services — strategic shifts that investors will watch for revenue mix and capital impact. Accounting Update for Tax Equity Investments Fixed-Income/Digital Asset Push (Yahoo)
• Neutral Sentiment: Corporate/community news: BofA awarded $1M to rebuild a YMCA — positive PR but immaterial to near?term earnings. BofA $1M Grant to Rebuild YMCA
• Neutral Sentiment: BofA bought ~200k shares of India’s MTAR in a bulk deal — showing the bank’s trading/investment activity but not directly affecting BAC fundamentals. BofA Buys MTAR Shares (Economic Times)
• Negative Sentiment: India’s regulator (SEBI) and related reports allege BofA shared confidential information ahead of a $180M block trade and misled investigators; the bank is reportedly seeking to settle. This regulatory/legal risk is the main downward catalyst — it could lead to fines, settlements or reputational damage that worry investors. India Regulator Finds BofA Shared Confidential Info (Reuters) SEBI Alleges Breach in 2024 Deal (Economic Times)
• Negative Sentiment: Wolfe Research downgraded BAC to a Hold — a haircut from a respected shop that can pressure the stock by reducing demand from some institutional buyers. Wolfe Research Downgrade

Bank of America Trading Down 0.7%

NYSE BAC opened at $55.81 on Friday. The company has a market capitalization of $407.52 billion, a PE ratio of 15.21 and a beta of 1.29. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $57.55. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s fifty day simple moving average is $54.14 and its 200-day simple moving average is $51.01.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Friday, December 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.