Bank of America Corporation $BAC Stock Bought by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth increased its Bank of America stake by 26.2% in the third quarter, adding 31,647 shares for a total of 152,274 shares valued at approximately $8.3 million. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Bank of America’s latest quarter fell slightly short of expectations, with earnings of $1.08 per share versus $1.10 expected and revenue of $29.96 billion versus $30.58 billion forecast. The stock was trading at $51.28, below its 52-week high of $65.22.
• The bank raised its quarterly common dividend to $0.32 per share, or $1.28 annually, producing a 2.5% yield. Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $62.52, despite ongoing compliance and litigation concerns.

SteelPeak Wealth LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 26.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 152,274 shares of the financial services provider's stock after purchasing an additional 31,647 shares during the period. SteelPeak Wealth LLC's holdings in Bank of America were worth $8,288,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in Bank of America in the second quarter worth about $2,571,060,000. Deutsche Bank AG bought a new position in Bank of America in the 2nd quarter valued at about $2,359,172,000. Bank of New York Mellon Corp bought a new position in Bank of America in the 2nd quarter valued at about $2,313,953,000. Amundi increased its stake in Bank of America by 12.5% during the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock valued at $2,066,274,000 after buying an additional 4,721,969 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Bank of America by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock valued at $1,517,599,000 after buying an additional 561,413 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.8%

Shares of Bank of America stock opened at $51.28 on Friday. 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 firm has a market cap of $358.59 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. The business has a fifty day simple moving average of $59.05 and a 200-day simple moving average of $56.69. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

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 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 firm had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. During the same period in the prior year, the business earned $1.06 EPS. The company's quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post 4.54 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Key Bank of America News

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

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Thursday. 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. Argus set a $70.00 price objective on shares of Bank of America in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a research note on Tuesday, October 6th. Finally, Royal Bank Of Canada lowered their price objective on shares of Bank of America from $65.00 to $60.00 and set an "outperform" rating on the stock in a research note on Thursday. Twenty research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.52.

Bank of America 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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