Bank of America Corporation $BAC Stock Purchased by Goelzer Investment Management Inc.

Goelzer Investment Management Inc. grew its position in shares of Bank of America Corporation (NYSE:BAC) by 11.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 246,926 shares of the financial services provider’s stock after purchasing an additional 25,362 shares during the quarter. Bank of America accounts for about 0.6% of Goelzer Investment Management Inc.’s holdings, making the stock its 29th biggest holding. Goelzer Investment Management Inc.’s holdings in Bank of America were worth $13,440,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

BAC has been the subject of a number of recent research reports. Morgan Stanley reduced their price target on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, October 2nd. Argus set a $70.00 target price on shares of Bank of America in a research note on Wednesday, July 15th. Royal Bank Of Canada dropped their price target on Bank of America from $65.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 price objective on the stock in a research report on Thursday. Twenty equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $62.52.

Key Bank of America News

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

• Positive Sentiment: Analyst support and potential earnings recovery: Baird upgraded BAC to Outperform with a $62 price target, while other analysts maintained Buy or Outperform ratings despite reducing targets. Management also projected at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Baird Upgrades Bank of America Stock Despite a Soft Quarter
• Positive Sentiment: Regulatory remediation is progressing: Bank of America said it has completed substantial work required under a consent order, potentially helping reduce longer-term compliance uncertainty. The bank’s CEO also described the U.S. economy as resilient and growing. Bank of America says it has completed a lot of work on consent order
• Neutral Sentiment: Preferred dividends declared: The board authorized regular cash dividends on multiple preferred-stock series, payable in November and December. The announcement supports the bank’s capital-distribution profile but does not represent a new increase in BAC common-stock dividends. Bank of America Declares Preferred Stock Dividends
• Negative Sentiment: Q3 earnings missed expectations: BAC reported adjusted earnings of $1.08 per share versus a $1.10 consensus, while revenue also fell short. A $1.2 billion anti-money-laundering and sanctions penalty reduced earnings, and expenses grew faster than revenue; weaker fixed-income trading and settlement costs added pressure. Bank of America Stock Sell-Off Looks Like a Buying Opportunity
• Negative Sentiment: Compliance and litigation overhang: Senator Elizabeth Warren criticized the penalty as insufficient, while several law firms announced investigations into potential securities claims and fiduciary-duty issues. These developments could increase legal costs and prolong reputational concerns. Rosen Law Firm Investigation

Bank of America Price Performance

BAC stock opened at $51.28 on Friday. The company’s 50-day moving average price is $59.05 and its two-hundred day moving average price is $56.69. The firm has a market cap of $358.59 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.84 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). The firm had revenue of $29.96 billion for 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 business’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.06 EPS. On average, analysts anticipate that Bank of America Corporation will post 4.57 earnings per share 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. 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%. The ex-dividend date of this dividend was Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 29.36%.

Bank of America Company 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.