Neumann Capital Management LLC Purchases New Stake in Bank of America Corporation $BAC

Neumann Capital Management LLC purchased a new stake in Bank of America Corporation (NYSE:BAC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 104,281 shares of the financial services provider’s stock, valued at approximately $6,033,000. Bank of America makes up 1.5% of Neumann Capital Management LLC’s holdings, making the stock its 14th biggest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. purchased a new position in Bank of America in the second quarter worth $25,000. Cherry Tree Wealth Management LLC boosted its position in shares of Bank of America by 167.6% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 300 shares in the last quarter. Principia Wealth Advisory LLC boosted its position in shares of Bank of America by 69.9% during the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 218 shares in the last quarter. Vermillion Wealth Management Inc. boosted its position in shares of Bank of America by 199.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 438 shares in the last quarter. Finally, Frazier Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Net interest income increased 8% year over year to approximately $16.4 billion, while average loans rose 6% and deposits grew 2%. Management also targeted at least 8% net-interest-income growth in 2027, supported by loan and deposit expansion. BAC Q3 Earnings Call Highlights NII Growth and Trading Pressure
• Positive Sentiment: Consumer banking and wealth management remained areas of strength, with Merrill’s fee-based advisory assets reaching a record $1.9 trillion. Bank of America also 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: Despite lower targets, several analysts retained favorable views. Baird upgraded BAC to “outperform,” while Citigroup, Truist and Keefe, Bruyette & Woods maintained buy or outperform ratings. The revised targets remain above the current share price.
• Neutral Sentiment: Bank of America said it has added roughly 1,000 contractors alongside 3,000 employees to address software vulnerabilities identified by advanced AI tools. The spending pressures near-term expenses but could reduce technology and operational risk over time. Bank of America hired 1,000 contractors to patch software flaws exposed by Anthropic’s Mythos
• Negative Sentiment: Regulators imposed more than $1.2 billion in penalties for failures involving anti-money-laundering, Bank Secrecy Act and sanctions compliance, including the failure to report more than $5 billion in suspicious transactions. The charge reduced reported third-quarter EPS and raised concerns about management’s controls and potential remediation costs. Bank of America profit hurt by $1.2 billion fine over anti-money laundering shortcomings
• Negative Sentiment: Third-quarter adjusted EPS of $1.08 and revenue of roughly $30.0 billion missed consensus estimates. Fixed-income trading revenue fell 17%, investment-banking activity weakened, expenses grew faster than revenue, and credit-loss provisions reached approximately $1.3 billion. Analysts subsequently lowered price targets, including Morgan Stanley, TD Cowen, Piper Sandler and Citigroup.
• Negative Sentiment: Multiple law firms announced investigations into potential securities-law violations or breaches of fiduciary duty following the penalty and earnings miss. These notices do not establish liability but add reputational and potential litigation risk for BAC investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Jefferies Financial Group reduced 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. Rothschild & Co Redburn set a $72.00 price target on shares of Bank of America in a report on Tuesday, October 6th. UBS Group reduced their price objective on shares of 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. Finally, TD Cowen decreased their target price on shares of Bank of America from $60.00 to $56.00 and set a “hold” rating on the stock in a research report on Thursday. Twenty analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $62.52.

Bank of America Stock Performance

NYSE BAC opened at $51.65 on Friday. The business’s 50-day moving average price is $59.29 and its 200 day moving average price is $56.72. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a market capitalization of $361.15 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17.

Bank of America (NYSE:BAC) last issued its quarterly 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). The business had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.06 earnings per share. On average, research analysts predict that Bank of America Corporation will post 4.60 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. 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.