Bank of America Corporation $BAC Shares Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management LLC cut its Bank of America stake by 57% in the third quarter, selling 143,208 shares and retaining 108,167 shares valued at approximately $5.9 million.
• Institutional ownership remains substantial at 70.71%, with several other investment firms initiating or increasing positions in Bank of America during the quarter.
• Bank of America raised its quarterly dividend to $0.32 per share, while analysts maintain a “Moderate Buy” consensus and an average price target of $62.82 despite the company slightly missing quarterly earnings and revenue estimates.

Axxcess Wealth Management LLC reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 57.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 108,167 shares of the financial services provider's stock after selling 143,208 shares during the period. Axxcess Wealth Management LLC's holdings in Bank of America were worth $5,888,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Sawyer & Company Inc bought a new stake in Bank of America during the third quarter worth approximately $465,000. Fifth Third Securities Inc. purchased a new stake in Bank of America during the third quarter valued at approximately $248,000. Bell Bank lifted its stake in shares of Bank of America by 1.3% in the 3rd quarter. Bell Bank now owns 20,770 shares of the financial services provider's stock valued at $1,131,000 after purchasing an additional 274 shares during the last quarter. Capstone Capital Management Ltd bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $218,000. Finally, Benchmark Financial Wealth Advisors LLC lifted its stake in shares of Bank of America by 2.6% in the 3rd quarter. Benchmark Financial Wealth Advisors LLC now owns 23,071 shares of the financial services provider's stock valued at $1,256,000 after purchasing an additional 590 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.3%

Shares of BAC opened at $50.81 on Thursday. The firm has a market cap of $355.29 billion, a P/E ratio of 11.56, a PEG ratio of 0.88 and a beta of 1.21. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The stock's 50 day moving average is $58.24 and its two-hundred day moving average is $56.78. 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 announced its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.10 by ($0.02). The business had revenue of $29.96 billion for the quarter, compared to analysts' expectations of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The company's quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the business earned $1.06 EPS. 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 business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a dividend of $0.32 per share. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, September 4th. Bank of America's dividend payout ratio is presently 30.40%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. TD Cowen reduced 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 research note on Thursday, October 15th. Citigroup lowered their target price on shares of Bank of America from $66.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, October 15th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 price target for the company in a research note on Thursday, October 15th. Evercore set a $62.00 price target on shares of Bank of America in a report on Thursday, October 1st. Finally, Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Eighteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $62.82.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America declared a quarterly common-stock dividend of $0.32 per share, payable December 24 to shareholders of record on December 4. The continued payout supports the investment case for income-oriented shareholders. Bank of America Declares Fourth Quarter 2026 Stock Dividends
• Positive Sentiment: The bank appointed Jim Fitterling and Bill Thomas to its board, expanding the board from 12 to 14 directors. The additions may strengthen oversight and bring further industrial and corporate leadership experience. Bank of America Names Jim Fitterling and Bill Thomas to Board of Directors
• Neutral Sentiment: Bank of America’s wealth-management franchise remains a diversification benefit: Global Wealth and Investment Management generated approximately $1.41 billion in second-quarter net income, or about 16% of company earnings. Bank of America Wealth Business
• Negative Sentiment: Multiple law firms announced or promoted securities-fraud investigations and class actions tied to alleged disclosures surrounding Bank of America’s anti-money-laundering compliance issues and a reported $1.2 billion Treasury penalty. The repeated announcements increase reputational and potential litigation risk, although the allegations have not been proven. Lead-plaintiff motions are due December 15, 2026. ROSEN Bank of America Securities Class Action
• Negative Sentiment: The latest reported quarter also fell slightly short of expectations, with earnings of $1.08 per share versus a $1.10 consensus and revenue of $29.96 billion versus $30.58 billion. That performance may limit near-term enthusiasm despite year-over-year revenue growth.

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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