Bank of America Corporation $BAC Shares Sold by Aberdeen Group plc

Key Points

• Aberdeen Group cut its Bank of America stake by 6.1% in the third quarter, selling 386,302 shares; it retained about 5.97 million shares, valued at roughly $325 million.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $62.48, though several firms recently lowered their targets.
• Bank of America reported quarterly EPS of $1.08, below the $1.10 estimate, while revenue rose 3.2% year over year. It declared a quarterly dividend of $0.32 per share.

Aberdeen Group plc reduced its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,974,223 shares of the financial services provider's stock after selling 386,302 shares during the quarter. Aberdeen Group plc owned about 0.09% of Bank of America worth $325,177,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Legal & General Group Plc purchased a new position in Bank of America during the 2nd quarter valued at about $2,571,060,000. Deutsche Bank AG bought a new position in shares of Bank of America in the second quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp purchased a new position in Bank of America during the second quarter valued at approximately $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Bank of America during the second quarter valued at approximately $939,807,000. Finally, Canada Pension Plan Investment Board bought a new stake in Bank of America during the 2nd quarter worth approximately $916,398,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BAC shares. Citigroup reduced their price target on shares of Bank of America from $66.00 to $60.00 and set a "buy" rating for the company in a research report on Thursday, October 15th. JPMorgan Chase & Co. lowered their price objective 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. Barclays dropped their price objective on Bank of America from $72.00 to $68.00 and set an "overweight" rating for the company in a research note on Thursday, October 15th. Wells Fargo & Company decreased their target price on Bank of America from $69.00 to $64.00 and set an "overweight" rating on the stock in a research note on Thursday, October 15th. Finally, Evercore set a $62.00 price target on Bank of America in a report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $62.48.

More Bank of America News

Investors following BAC have been watching these news items:

• Positive Sentiment: Bank of America reaffirmed its 16%–18% return-on-tangible-common-equity target for 2028–2030, citing expected support from net interest income, loan growth and expense discipline. The outlook reinforces the bank’s longer-term profitability ambitions. Article: BAC Reaffirms 16-18% ROTCE Target
• Negative Sentiment: Reports say Bank of America will settle a lawsuit over allegations that it opened thousands of unauthorized accounts between 2012 and 2023. The settlement’s terms were not included in the supplied report; the matter carries potential reputational and financial risk. Article: BofA to Settle Fake-Accounts Lawsuit
• Negative Sentiment: Several law firms reiterated that a securities class action is pending against BAC, with a December 15 lead-plaintiff deadline for investors who bought shares from August 1, 2025 through October 13, 2026. These are procedural notices, not a finding of wrongdoing, but may keep legal concerns in focus. Article: Rosen Securities Class Action Deadline Notice

Bank of America Trading Up 1.0%

NYSE:BAC opened at $51.01 on Friday. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company's 50 day moving average price is $54.07 and its 200-day moving average price is $54.86. 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 stock has a market cap of $351.95 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 0.89 and a beta of 1.19.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). The firm had revenue of $29.96 billion during the quarter, compared to analysts' expectations of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The company's revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.06 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be 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 is Friday, December 4th. Bank of America's dividend payout ratio (DPR) is presently 30.40%.

Bank of America 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.

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