Bank of America Corporation $BAC Stock: GFG Capital LLC Grows Stake

GFG Capital LLC increased its holdings in Bank of America Corporation (NYSE:BAC) by 72.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,113 shares of the financial services provider’s stock after acquiring an additional 15,204 shares during the quarter. GFG Capital LLC’s holdings in Bank of America were worth $1,966,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Millennium Capital Advisors LLC increased its holdings in Bank of America by 19.4% during the third quarter. Millennium Capital Advisors LLC now owns 32,113 shares of the financial services provider’s stock valued at $1,748,000 after buying an additional 5,226 shares during the period. Pension & Wealth Management Advisors Inc. raised its stake in Bank of America by 53.2% in the third quarter. Pension & Wealth Management Advisors Inc. now owns 21,479 shares of the financial services provider’s stock worth $1,169,000 after buying an additional 7,460 shares in the last quarter. Howard Capital Management LLC raised its stake in Bank of America by 27.5% in the third quarter. Howard Capital Management LLC now owns 61,338 shares of the financial services provider’s stock worth $3,339,000 after buying an additional 13,230 shares in the last quarter. Goelzer Investment Management Inc. lifted its holdings in Bank of America by 11.4% during the third quarter. Goelzer Investment Management Inc. now owns 246,926 shares of the financial services provider’s stock worth $13,440,000 after buying an additional 25,362 shares during the period. Finally, Newport Capital Group LLC purchased a new stake in Bank of America during the third quarter worth $513,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.8%

Shares of NYSE:BAC opened at $51.28 on Friday. 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 52-week low of $46.12 and a 52-week high of $65.22. The stock has a market cap of $358.59 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.84 and a beta of 1.21. The business has a 50-day moving average price of $59.05 and a 200-day moving average price of $56.69.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The firm had revenue of $29.96 billion during the quarter, compared to analysts’ expectations of $30.58 billion. During the same quarter in the prior year, the company earned $1.06 EPS. Bank of America’s quarterly revenue was up 3.2% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post 4.57 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. Stockholders of record on Friday, September 4th were paid a $0.32 dividend. The ex-dividend date was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America’s dividend payout ratio (DPR) is currently 29.36%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. Jefferies Financial Group cut their price target on Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Royal Bank Of Canada decreased their price objective on Bank of America from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Thursday. Keefe, Bruyette & Woods dropped their price objective on Bank of America from $70.00 to $65.00 and set an “outperform” rating on the stock in a research report on Thursday. Morgan Stanley dropped their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Argus set a $70.00 target price on Bank of America in a research note on Wednesday, July 15th. Twenty investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.52.

Bank of America News Roundup

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 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.