Bank of America Corporation $BAC Shares Sold by Letko Brosseau & Associates Inc.

Key Points

• Letko Brosseau & Associates trimmed its Bank of America stake by 1.2% in the third quarter, selling 12,044 shares; it still held 955,246 shares valued at about $52 million.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $62.48. Several firms lowered their targets, while Robert W. Baird upgraded the stock to outperform.
• Bank of America reported quarterly EPS of $1.08, below the $1.10 estimate, and revenue of $29.96 billion, also short of expectations. It declared a quarterly dividend of $0.32 per share.

Letko Brosseau & Associates Inc. reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 1.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 955,246 shares of the financial services provider's stock after selling 12,044 shares during the quarter. Letko Brosseau & Associates Inc.'s holdings in Bank of America were worth $51,994,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of BAC. PBU The Pension Fund of Early Childhood & Youth Educators boosted its position in Bank of America by 4.3% in the third quarter. PBU The Pension Fund of Early Childhood & Youth Educators now owns 502,654 shares of the financial services provider's stock valued at $27,359,000 after buying an additional 20,852 shares during the last quarter. Werba Rubin Papier Wealth Management raised its position in Bank of America by 4.1% during the 3rd quarter. Werba Rubin Papier Wealth Management now owns 14,282 shares of the financial services provider's stock worth $777,000 after buying an additional 567 shares during the last quarter. Three Bridge Wealth Advisors LLC purchased a new position in Bank of America during the 3rd quarter worth approximately $109,000. Spectrum Planning & Advisory Services Inc. lifted its stake in Bank of America by 32.4% during the 3rd quarter. Spectrum Planning & Advisory Services Inc. now owns 4,964 shares of the financial services provider's stock valued at $270,000 after acquiring an additional 1,215 shares during the period. Finally, Maryland State Retirement & Pension System lifted its stake in Bank of America by 11.3% during the 3rd quarter. Maryland State Retirement & Pension System now owns 396,626 shares of the financial services provider's stock valued at $21,588,000 after acquiring an additional 40,271 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BAC shares. Citigroup dropped 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 report on Thursday, October 15th. Barclays decreased 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, October 15th. Keefe, Bruyette & Woods decreased their target price on Bank of America from $70.00 to $65.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. Jefferies Financial Group lowered their price target on Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 price target for the company in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $62.48.

Bank of America Price Performance

Bank of America stock opened at $50.56 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17. The company has a 50-day moving average price of $54.31 and a 200 day moving average price of $54.86. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The stock has a market cap of $348.87 billion, a P/E ratio of 12.01, a PEG ratio of 0.89 and a beta of 1.19.

Bank of America (NYSE:BAC - Get Free Report) last posted its 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). The firm had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.06 earnings per share. Sell-side analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, December 4th. Bank of America's dividend payout ratio is 30.40%.

Bank of America News Summary

Here's some of the latest news about BAC:

• Positive Sentiment: Bank of America reaffirmed its 16%–18% return-on-tangible-common-equity target for 2028–2030. The outlook is supported by expected net interest income growth, loan growth, and expense discipline, signaling confidence in longer-term profitability. BAC Reaffirms 16-18% ROTCE Target
• Neutral Sentiment: Bank of America and Allegiant extended their co-branded credit-card partnership into the next decade. The renewal supports continuity in the bank’s card business, but the announcement provided no financial terms. Allegiant and Bank of America Extend Co-Branded Credit Card Partnership
• Negative Sentiment: Several law firms reiterated that a securities class action has been filed against Bank of America concerning investors who bought shares between August 1, 2025, and October 13, 2026; the lead-plaintiff deadline is December 15, 2026. The notices are not findings of wrongdoing, but the litigation creates uncertainty. Rosen Law Firm Investor Notice

Bank of America Company 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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