70,284 Bank of America Corporation $BAC Shares Purchased by Forbes J M & Co. LLP

Key Points

• Forbes J M & Co. LLP increased its Bank of America stake by 15.1% in the third quarter, purchasing 70,284 shares and bringing its total holdings to 534,633 shares valued at approximately $29.1 million.
• Institutional investors own 70.71% of Bank of America, with several major firms—including Legal & General, Amundi, Deutsche Bank and Bank of New York Mellon—reporting substantial positions or recent purchases.
• Bank of America’s shares opened at $51.28 after falling 0.8%, following quarterly earnings that missed estimates; however, analysts maintain a “Moderate Buy” consensus and the company raised its quarterly common-stock dividend to $0.32 from $0.28.

Forbes J M & Co. LLP increased its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 15.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 534,633 shares of the financial services provider's stock after acquiring an additional 70,284 shares during the period. Bank of America comprises about 2.1% of Forbes J M & Co. LLP's holdings, making the stock its 13th largest holding. Forbes J M & Co. LLP's holdings in Bank of America were worth $29,100,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the stock. Legal & General Group Plc purchased a new position in shares of Bank of America during the second quarter valued at approximately $2,571,060,000. Amundi raised 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 worth $2,066,274,000 after buying an additional 4,721,969 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $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 approximately $2,313,953,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Bank of America by 1.8% during 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 purchasing an additional 561,413 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

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 Stock Down 0.8%

Shares of NYSE BAC opened at $51.28 on Friday. The stock has a market capitalization of $358.59 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.83 and a beta of 1.21. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The firm's 50-day moving average price is $59.05 and its 200-day moving average price is $56.69. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). The business had revenue of $29.96 billion during the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business's revenue was up 3.2% compared to the same quarter last year. During the same period last year, the company earned $1.06 EPS. On average, equities research analysts anticipate that Bank of America Corporation will post 4.54 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. Bank of America's payout ratio is presently 30.40%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BAC. Barclays decreased their target price on shares of Bank of America from $72.00 to $68.00 and set an "overweight" rating for the company in a research note on Thursday. Jefferies Financial Group cut their price target on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, September 24th. TD Cowen decreased their target price on Bank of America from $60.00 to $56.00 and set a "hold" rating for the company in a research report on Thursday. Morgan Stanley cut their price target on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, UBS Group dropped their price target on shares of Bank of America from $70.00 to $67.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Twenty research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $62.52.

Bank of America Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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