Bank of America Corporation $BAC Holdings Lowered by Welch & Forbes LLC

Key Points

• Welch & Forbes cut its Bank of America stake by 2.6% in the third quarter, selling 24,703 shares and ending with 932,604 shares valued at about $50.8 million.
• Bank of America reported quarterly EPS of $1.08, below the $1.10 consensus estimate, and revenue of $29.96 billion, below the $30.58 billion forecast; revenue nevertheless grew 3.2% year over year.
• Analysts held a “Moderate Buy” consensus rating, with an average price target of $62.48. The company also announced a quarterly dividend of $0.32 per share, equivalent to a 2.5% yield.

Welch & Forbes LLC reduced its position in Bank of America Corporation (NYSE:BAC - Free Report) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 932,604 shares of the financial services provider's stock after selling 24,703 shares during the quarter. Welch & Forbes LLC's holdings in Bank of America were worth $50,762,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BAC. Legal & General Group Plc acquired a new stake in shares of Bank of America during the second quarter worth $2,571,060,000. Amundi grew its position in shares of 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 buying an additional 4,721,969 shares during the last quarter. Deutsche Bank AG acquired a new stake in Bank of America during the second quarter worth about $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in Bank of America during the second quarter worth about $2,313,953,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Bank of America by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock worth $1,517,599,000 after acquiring an additional 561,413 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Up 2.3%

Shares of NYSE:BAC opened at $50.57 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The company's 50-day moving average price is $55.01 and its 200 day moving average price is $54.88. The company has a market cap of $348.95 billion, a PE ratio of 12.01, a P/E/G ratio of 0.91 and a beta of 1.19. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results 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). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The firm had revenue of $29.96 billion during the quarter, compared to the consensus estimate of $30.58 billion. During the same quarter last year, the company posted $1.06 EPS. Bank of America's revenue for the quarter was up 3.2% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Stockholders of record on Friday, December 4th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, December 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. Bank of America's payout ratio is currently 30.40%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Morgan Stanley decreased their target price on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Thursday, October 15th. JPMorgan Chase & Co. dropped their price target on Bank of America from $62.00 to $59.50 and set an "overweight" rating on the stock in a research report on Friday, October 30th. Royal Bank Of Canada cut their price target on Bank of America from $65.00 to $60.00 and set an "outperform" rating on the stock in a report on Thursday, October 15th. Evercore set a $62.00 price objective on Bank of America in a research report on Thursday, October 1st. Finally, TD Cowen lowered their price objective on Bank of America from $60.00 to $56.00 and set a "hold" rating for the company in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $62.48.

Trending Headlines about Bank of America

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

• Neutral Sentiment: Bank of America’s inflation forecast—monthly headline and core CPI increases of about 0.2%—could reinforce expectations of a December Federal Reserve rate hike. The effect on BAC is uncertain, as higher rates can support lending revenue but may also weigh on borrowers and funding costs. October inflation outlook
• Neutral Sentiment: A filing may indicate Berkshire Hathaway sold more BAC shares in the third quarter, but the report describes this as a possibility, not a confirmed sale. If verified, selling could add pressure to the stock. Berkshire Hathaway holdings report
• Negative Sentiment: Several law firms publicized a securities class action against Bank of America for investors who bought shares from August 1, 2025, through October 13, 2026. The suit alleges securities-law violations; December 15, 2026, is the deadline to seek a lead-plaintiff role. The allegations are not proven, but the case adds potential legal costs and uncertainty. Kaplan Fox class action notice
• Negative Sentiment: Separate coverage says Senator Elizabeth Warren is urging a DOJ criminal probe related to the bank’s anti-money-laundering and sanctions-law violations. Further investigation could increase regulatory, legal, and reputational risks. Report on regulatory scrutiny

Bank of America Company Profile

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services.

The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

Bank of America traces its history to the Bank of Italy, founded in San Francisco in 1904 by Amadeo Peter Giannini.

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