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

Purus Wealth Management LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 507.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,536 shares of the financial services provider’s stock after acquiring an additional 23,005 shares during the period. Purus Wealth Management LLC’s holdings in Bank of America were worth $1,499,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Bamco Inc. NY boosted its stake in Bank of America by 45.4% during 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 period. E Fund Management Co. Ltd. purchased a new position in Bank of America during the second quarter worth about $4,089,000. Bernicke Wealth Management Ltd. purchased a new position in Bank of America during the second quarter worth about $2,132,000. Legacy Private Trust Co. increased its stake in Bank of America by 11.7% in the 3rd quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider’s stock worth $6,267,000 after acquiring an additional 12,016 shares during the last quarter. Finally, Nykredit A S bought a new position in Bank of America in the 2nd quarter worth about $94,447,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.9%

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

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 company had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business posted $1.06 earnings per share. Equities analysts forecast that Bank of America Corporation will post 4.60 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a $0.32 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America’s dividend payout ratio is presently 29.36%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BAC shares. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Keefe, Bruyette & Woods cut their price objective on Bank of America from $70.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday. Morgan Stanley decreased their price objective on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Finally, TD Cowen lowered 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 note on Thursday. Twenty 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, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $62.78.

More Bank of America News

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 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.