Bank of America Corporation $BAC Shares Acquired by Provenance Wealth Advisors LLC

Key Points

• Provenance Wealth Advisors increased its Bank of America stake by 296.5% in the third quarter, acquiring 14,688 shares and ending the period with 19,641 shares valued at about $1.07 million.
• Bank of America’s latest quarter fell short of expectations: EPS was $1.08 versus a $1.10 consensus, and revenue was $29.96 billion versus $30.58 billion expected, though revenue grew 3.2% year over year. The bank also declared a quarterly dividend of $0.32 per share.
• Legal and regulatory concerns may add uncertainty: reports cite a possible Justice Department criminal probe related to anti-money-laundering violations and a securities class action, whose allegations remain unproven.

Provenance Wealth Advisors LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 296.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,641 shares of the financial services provider's stock after buying an additional 14,688 shares during the period. Provenance Wealth Advisors LLC's holdings in Bank of America were worth $1,069,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Total Clarity Wealth Management Inc. grew its stake 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 acquiring an additional 168 shares in the last quarter. Orca Wealth Management LLC increased its holdings in 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 worth $1,999,000 after acquiring an additional 179 shares during the period. Financial Consulate Inc. increased its holdings in 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 worth $270,000 after acquiring an additional 181 shares during the period. Bedel Financial Consulting Inc. lifted its stake in 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 purchasing an additional 184 shares in the last quarter. Finally, GatePass Capital LLC lifted its stake in 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 purchasing an additional 190 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC stock opened at $51.61 on Thursday. The firm has a 50 day simple moving average of $55.72 and a two-hundred day simple moving average of $54.92. The stock has a market cap of $356.14 billion, a PE ratio of 12.26, a P/E/G ratio of 0.87 and a beta of 1.19. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $30.58 billion. During the same quarter last year, the business posted $1.06 EPS. The business's quarterly revenue was up 3.2% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be 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 of this dividend is Friday, December 4th. Bank of America's dividend payout ratio is currently 30.40%.

More Bank of America News

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

• Negative Sentiment: Senator Elizabeth Warren is reportedly urging the Justice Department to investigate Bank of America and its executives after the bank admitted willfully violating anti-money-laundering laws. A criminal probe could add legal, regulatory, and reputational risk beyond the enforcement resolution already reached. Article: BAC Subject to Increasing Scrutiny
• Negative Sentiment: A securities class action has been filed on behalf of investors who bought BAC shares between August 1, 2025, and October 13, 2026. The allegations remain unproven, but the case adds potential litigation costs and uncertainty; the lead-plaintiff deadline is December 15, 2026. Multiple law-firm notices relate to this same lawsuit. Article: Kaplan Fox class-action notice
• Negative Sentiment: A report cited a pessimistic UBS forecast for BAC, while another reported that the shares fell following an analyst downgrade. The supplied coverage does not provide the revised price target or rationale, but the downgrade may weigh on investor sentiment. Article: UBS Group Issues Pessimistic Forecast

Analyst Ratings Changes

Several research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $62.00 to $59.50 and set an "overweight" rating for the company in a report on Friday, October 30th. HSBC initiated coverage on shares of Bank of America in a report on Monday, September 28th. They issued a "buy" rating and a $65.00 price target on the stock. Citigroup lowered their price objective on Bank of America from $66.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, October 15th. TD Cowen dropped 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. Finally, Morgan Stanley reduced their target price on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $62.48.

About Bank of America

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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