29,192 Bank of America Corporation $BAC Shares Acquired by WealthPlan Investment Management LLC

WealthPlan Investment Management LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 71.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 70,101 shares of the financial services provider's stock after purchasing an additional 29,192 shares during the quarter. WealthPlan Investment Management LLC's holdings in Bank of America were worth $3,816,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Legal & General Group Plc purchased a new stake in Bank of America during the second quarter worth $2,571,060,000. Amundi boosted its position in Bank of America by 12.5% during the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock valued at $2,066,274,000 after acquiring an additional 4,721,969 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Bank of America in the 2nd quarter valued at $2,359,172,000. Bank of New York Mellon Corp purchased a new position in shares of Bank of America in the 2nd quarter valued at $2,313,953,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Bank of America by 1.8% in the 1st 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. Hedge funds and other institutional investors own 70.71% of the company's stock.

Key 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 Stock Up 0.9%

BAC traded up $0.44 during trading on Thursday, hitting $51.83. The stock had a trading volume of 19,223,709 shares, compared to its average volume of 37,502,891. The company has a market capitalization of $362.45 billion, a PE ratio of 11.88, a PEG ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a 50 day simple moving average of $59.51 and a two-hundred day simple moving average of $56.69.

Bank of America (NYSE:BAC - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $30.58 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 3.2% compared to the same quarter last year. During the same period in the prior year, the firm 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's payout ratio is 29.36%.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. TD Cowen reduced their price target on Bank of America from $60.00 to $56.00 and set a "hold" rating for the company in a research report on Thursday. Truist Financial dropped their price objective on Bank of America from $62.00 to $58.00 and set a "buy" rating on the stock in a research report on Thursday. UBS Group dropped their price objective on Bank of America from $70.00 to $67.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada reduced their target price on shares of Bank of America from $65.00 to $60.00 and set an "outperform" rating for the company in a report on Thursday. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.78.

About Bank of America

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.

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