Bank of America Corporation $BAC Shares Purchased by Robertson Stephens Wealth Management LLC

Key Points

• Robertson Stephens Wealth Management increased its Bank of America stake by 26.5% in the third quarter, adding 59,853 shares for a total of 285,650 shares valued at approximately $15.5 million.
• Institutional investors own about 70.7% of BAC’s outstanding stock, with several other wealth-management firms also increasing or initiating positions.
• Bank of America reported third-quarter earnings and revenue below analyst expectations, but analysts maintain a consensus “Moderate Buy” rating with an average price target of $62.52; the bank also raised its quarterly dividend to $0.32 per share.

Robertson Stephens Wealth Management LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 26.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 285,650 shares of the financial services provider's stock after purchasing an additional 59,853 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Bank of America were worth $15,548,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Turim 21 Investimentos Ltda. bought a new position in Bank of America during the second quarter valued at about $25,000. Cherry Tree Wealth Management LLC grew its holdings in Bank of America by 167.6% during the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock worth $27,000 after acquiring an additional 300 shares during the period. Principia Wealth Advisory LLC raised its position in Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock worth $30,000 after acquiring an additional 218 shares in the last quarter. Vermillion Wealth Management Inc. raised its position in Bank of America by 199.1% in the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock worth $32,000 after acquiring an additional 438 shares in the last quarter. Finally, Frazier Financial Advisors LLC bought a new stake in Bank of America in the second quarter worth about $34,000. Institutional investors own 70.71% of the company's stock.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. HSBC began 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 for the company. Citigroup lowered their price objective on shares of Bank of America from $66.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday. TD Cowen dropped their target price on shares of Bank of America from $60.00 to $56.00 and set a "hold" rating on the stock in a report on Thursday. Oppenheimer downgraded shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $70.00 to $65.00 and set an "outperform" rating for the company in a research note on Thursday. Twenty investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $62.52.

Bank of America Stock Down 0.8%

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

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 for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $30.58 billion. During the same quarter last year, the business earned $1.06 EPS. The company's revenue for the quarter was up 3.2% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 4.54 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, September 4th. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is presently 30.40%.

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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