Bank of America Corporation $BAC Stock Holdings Boosted by Purus Wealth Management LLC

Purus Wealth Management LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 507.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 27,536 shares of the financial services provider’s stock after buying an additional 23,005 shares during the quarter. Purus Wealth Management LLC’s holdings in Bank of America were worth $1,499,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Legal & General Group Plc purchased a new position in Bank of America during the 2nd quarter valued at about $2,571,060,000. Deutsche Bank AG bought a new position in Bank of America during the 2nd quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp bought a new position in Bank of America during the 2nd quarter valued at approximately $2,313,953,000. Amundi lifted its holdings in Bank of America by 12.5% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after buying an additional 4,721,969 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Bank of America by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider’s stock worth $1,517,599,000 after buying an additional 561,413 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group cut their price objective 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. Morgan Stanley decreased their target price on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday. Truist Financial decreased their target price on Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a report on Thursday. Citigroup raised their price target on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 price target on the stock in a report on Thursday. Twenty equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.78.

Bank of America Stock Up 0.9%

BAC traded up $0.44 on Thursday, hitting $51.83. The company had a trading volume of 19,223,709 shares, compared to its average volume of 37,502,891. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The stock has a fifty day simple moving average of $59.51 and a 200-day simple moving average of $56.69. The firm has a market capitalization of $362.45 billion, a P/E ratio of 11.88, a P/E/G ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last released its 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 during the quarter, compared to analysts’ expectations of $30.58 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.06 EPS. As a group, equities analysts expect that Bank of America Corporation will post 4.60 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America’s dividend payout ratio is currently 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: Management expects at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Third-quarter net interest income rose 8% year over year to approximately $16.4 billion, while average loans increased 6% and deposits grew 2%. BAC Q3 Earnings Call Highlights NII Growth and Trading Pressure
• Positive Sentiment: Consumer banking and wealth management were relative bright spots. Wealth-management revenue increased 13% year over year, and the bank returned $8.3 billion to shareholders through dividends and share repurchases. Merrill Lynch’s Fee-Based Advisory Assets Just Hit a Record $1.9 Trillion
• Positive Sentiment: Robert W. Baird upgraded BAC to “outperform” with a $62 target, while Keefe, Bruyette & Woods maintained “outperform” with a $65 target. These targets imply meaningful upside from recent trading levels.
• Neutral Sentiment: Management said it is addressing software and compliance weaknesses, including hiring roughly 1,000 contractors to patch vulnerabilities identified by Anthropic’s Mythos AI model. The added remediation work increases near-term costs but could reduce operational risk over time. Bank of America hired 1,000 contractors to patch software flaws
• Negative Sentiment: Third-quarter adjusted EPS of $1.08 and revenue of roughly $30.0 billion missed consensus estimates. Reported EPS was $0.91, down from $1.04 a year earlier, after a $1.2 billion non-tax-deductible regulatory charge. Bank of America profit hurt by $1.2 billion fine
• Negative Sentiment: Regulators cited failures to report more than $5 billion in suspicious transactions and sanctions-compliance violations, producing penalties exceeding $1.2 billion and raising concerns about lingering compliance costs and management oversight.
• Negative Sentiment: Fixed-income trading revenue fell 17%, investment-banking activity weakened, and expenses grew faster than revenue. TD Cowen cut its target to $56 and Morgan Stanley reduced its target to $61, reflecting continued earnings and cost concerns.

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.