Bank of America Corporation $BAC Position Lifted by CRA Financial Services LLC

Key Points

• CRA Financial Services increased its Bank of America stake by 36.4% in the third quarter, bringing its holdings to 61,185 shares valued at approximately $3.33 million. Institutional investors collectively own 70.71% of BAC.
• Analysts maintain a generally positive outlook, with 20 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $62.52, despite several recent target reductions.
• Bank of America reported third-quarter earnings of $1.08 per share and revenue of $29.96 billion, both slightly below expectations, while revenue still grew 3.2% year over year. The company raised its quarterly dividend to $0.32 per share, equivalent to a 2.5% annual yield.

CRA Financial Services LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 36.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,185 shares of the financial services provider's stock after purchasing an additional 16,315 shares during the quarter. CRA Financial Services LLC's holdings in Bank of America were worth $3,330,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Total Clarity Wealth Management Inc. lifted its position in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock valued at $279,000 after buying an additional 168 shares during the period. Orca Wealth Management LLC boosted its holdings in shares of Bank of America by 0.5% during the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock valued at $1,999,000 after buying an additional 179 shares in the last quarter. Financial Consulate Inc. boosted its holdings in shares of Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock valued at $270,000 after buying an additional 181 shares in the last quarter. Bedel Financial Consulting Inc. grew its position in shares of Bank of America by 1.1% in the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider's stock worth $938,000 after buying an additional 184 shares during the period. Finally, GatePass Capital LLC grew its position in shares of Bank of America by 3.6% in the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock worth $266,000 after buying an additional 190 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BAC shares. TD Cowen decreased their price target on shares of Bank of America from $60.00 to $56.00 and set a "hold" rating for the company in a research note on Thursday. Evercore set a $62.00 price target on shares of Bank of America in a research report on Thursday, October 1st. Keefe, Bruyette & Woods dropped their price objective on shares of Bank of America from $70.00 to $65.00 and set an "outperform" rating on the stock in a research note on Thursday. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 price objective on the stock in a report on Thursday. Finally, Barclays cut their price objective on shares of Bank of America from $72.00 to $68.00 and set an "overweight" rating on the stock in a report on Thursday. Twenty equities research 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 currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.52.

Bank of America Trading Down 0.8%

Bank of America stock opened at $51.28 on Friday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a market capitalization of $358.59 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. The business's fifty day simple moving average is $59.05 and its two-hundred day simple moving average 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 issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. During the same quarter in the previous year, the business earned $1.06 earnings per share. Bank of America's revenue was up 3.2% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Corporation will post 4.54 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared 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%. The ex-dividend date was Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is presently 30.40%.

More Bank of America News

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 Company 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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