Trust Co. of Oklahoma Buys 22,654 Shares of Bank of America Corporation $BAC

Trust Co. of Oklahoma boosted its stake in Bank of America Corporation (NYSE:BAC) by 127.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 40,409 shares of the financial services provider’s stock after acquiring an additional 22,654 shares during the quarter. Trust Co. of Oklahoma’s holdings in Bank of America were worth $2,199,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. WealthPlan Investment Management LLC raised its holdings in shares of Bank of America by 71.4% in the third quarter. WealthPlan Investment Management LLC now owns 70,101 shares of the financial services provider’s stock valued at $3,816,000 after purchasing an additional 29,192 shares during the last quarter. Purus Wealth Management LLC lifted its position in shares of Bank of America by 507.7% in the third quarter. Purus Wealth Management LLC now owns 27,536 shares of the financial services provider’s stock worth $1,499,000 after purchasing an additional 23,005 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors boosted its holdings in Bank of America by 15.5% during the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 13,743 shares of the financial services provider’s stock worth $748,000 after purchasing an additional 1,844 shares during the last quarter. Nvwm LLC boosted its holdings in Bank of America by 26.9% during the third quarter. Nvwm LLC now owns 60,942 shares of the financial services provider’s stock worth $3,317,000 after purchasing an additional 12,916 shares during the last quarter. Finally, Covenant Asset Management LLC grew its position in Bank of America by 32.7% in the third quarter. Covenant Asset Management LLC now owns 31,416 shares of the financial services provider’s stock valued at $1,710,000 after purchasing an additional 7,744 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of BAC traded up $0.59 during midday trading on Thursday, reaching $51.98. The stock had a trading volume of 20,899,202 shares, compared to its average volume of 37,507,770. The firm has a market cap of $363.48 billion, a PE ratio of 11.91, a P/E/G ratio of 0.87 and a beta of 1.21. The firm has a 50 day simple moving average of $59.51 and a 200-day simple moving average of $56.69. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $29.96 billion during the quarter, compared to the consensus estimate of $30.58 billion. During the same period in the previous year, the company posted $1.06 earnings per share. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.60 EPS for the current year.

Bank of America Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BAC shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. UBS Group reduced their price objective on shares of Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, October 5th. HSBC began coverage on Bank of America in a report on Monday, September 28th. They issued a “buy” rating and a $65.00 price objective for the company. Evercore set a $62.00 target price on Bank of America in a research report on Thursday, October 1st. Finally, Rothschild & Co Redburn set a $72.00 target price on Bank of America in a report on Tuesday, October 6th. Twenty equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $62.78.

Bank of America News Summary

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.

About Bank of America

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.