Bank of America Corporation $BAC Shares Purchased by Mechanics Bank Trust Department

Mechanics Bank Trust Department increased its position in shares of Bank of America Corporation (NYSE:BAC) by 83.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,965 shares of the financial services provider’s stock after purchasing an additional 26,288 shares during the period. Mechanics Bank Trust Department’s holdings in Bank of America were worth $3,155,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bamco Inc. NY lifted its position in Bank of America by 45.4% in the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock valued at $2,336,000 after buying an additional 12,794 shares during the last quarter. E Fund Management Co. Ltd. acquired a new stake in shares of Bank of America during the second quarter valued at about $4,089,000. Bernicke Wealth Management Ltd. acquired a new stake in shares of Bank of America during the second quarter valued at about $2,132,000. Legacy Private Trust Co. increased its position in shares of Bank of America by 11.7% during the third quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider’s stock valued at $6,267,000 after acquiring an additional 12,016 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $67,507,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: BAC is scheduled to report third-quarter earnings before the market opens on October 14. Ahead of the report, the options market had indicated expectations for a relatively limited reaction, while analysts were focused on net interest income, lending trends and funding costs. Bank of America Earnings Preview: Options Market Signals a Muted Reaction
• Neutral Sentiment: Bank of America’s October investor survey found the highest technology-stock overweight since 2020, reflecting strong risk appetite but also potential vulnerability if the AI-led market rally reverses. The survey is strategically relevant to BAC’s research franchise but has limited direct impact on its earnings. BofA Poll Shows Investors Most Exposed to Tech Stocks Since 2020
• Neutral Sentiment: BAC is expanding lifestyle benefits for cardholders through access to New York City Wine & Food Festival events. The initiative may support customer engagement and card spending, but it is unlikely to materially affect near-term results. Bank of America Clients to Enjoy Premium Dining and Lifestyle Experiences
• Negative Sentiment: U.S. regulators said Bank of America failed to timely report more than $5 billion in suspicious transactions and admitted willful Bank Secrecy Act violations. The $1.21 billion package includes a record $750 million penalty from the Office of the Comptroller of the Currency, plus an $11.6 million sanctions settlement involving countries including Russia and Iran. BAC expects a roughly $1.2 billion, non-tax-deductible third-quarter charge, reducing earnings by about $0.17 per share. The action also highlights that the bank failed to resolve deficiencies identified in a 2024 cease-and-desist order. Bank of America hit with more than $1.2 billion in penalties
• Negative Sentiment: Erste Group lowered its Bank of America EPS forecasts to $4.55 for fiscal 2026 and $5.22 for fiscal 2027, adding to concerns about earnings momentum ahead of the quarterly report. Bank of America analyst estimates

Analyst Ratings Changes

Several research firms recently issued reports on BAC. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Truist Financial cut their price target on shares of Bank of America from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, October 1st. Royal Bank Of Canada increased their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Jefferies Financial Group lowered their price objective on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Nineteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $64.22.

Bank of America Stock Down 1.0%

NYSE:BAC traded down $0.53 during trading hours on Tuesday, hitting $54.05. The company’s stock had a trading volume of 44,924,449 shares, compared to its average volume of 37,191,953. Bank of America Corporation has a 52-week low of $46.12 and a 52-week 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. The stock has a market capitalization of $377.93 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The stock has a fifty day moving average of $59.75 and a 200-day moving average of $56.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%. Bank of America’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 EPS. On average, equities analysts forecast that Bank of America Corporation will post 4.61 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. 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 dividend payout ratio (DPR) 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.