Bank of America Corporation $BAC Stock: GRIMES & Co WEALTH MANAGEMENT LLC Raises Holdings

Key Points

• GRIMES & Co WEALTH MANAGEMENT LLC increased its Bank of America stake by 6.2% in the third quarter, bringing its holdings to 301,171 shares valued at approximately $16.4 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.08, slightly below the $1.10 analyst consensus, while revenue of $29.96 billion also missed estimates; however, revenue increased 3.2% year over year.
• The company declared a quarterly dividend of $0.32 per share, equal to a $1.28 annualized payout and a 2.6% yield. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $62.48.

GRIMES & Co WEALTH MANAGEMENT LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 301,171 shares of the financial services provider's stock after purchasing an additional 17,565 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Bank of America were worth $16,393,000 as of its most recent filing with the SEC.

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

Bank of America Stock Performance

BAC opened at $49.47 on Tuesday. The firm has a market cap of $345.95 billion, a P/E ratio of 11.75, a price-to-earnings-growth ratio of 0.89 and a beta of 1.21. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The business's fifty day moving average is $56.20 and its 200-day moving average is $54.94.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts' consensus estimates of $1.10 by ($0.02). The company 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 firm's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $1.06 EPS. Sell-side analysts expect that Bank of America Corporation will post 4.52 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, December 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Bank of America's dividend payout ratio (DPR) is currently 30.40%.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. 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. Phillip Securities raised shares of Bank of America to a "strong-buy" rating in a report on Friday, October 16th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 target price for the company in a report on Thursday, October 15th. Keefe, Bruyette & Woods decreased their price target on shares of Bank of America from $70.00 to $65.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. Finally, Morgan Stanley lowered 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 report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average target price of $62.48.

Trending Headlines about Bank of America

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

• Positive Sentiment: UBS retains a Buy rating. UBS lowered its price target from $67 to $62, but the revised target still implies substantial upside from recent trading levels, suggesting the firm views the pullback as an opportunity. UBS Bank of America price target report
• Positive Sentiment: ETF demand provided support. Exchange-traded funds purchased approximately $24.4 million of BAC shares on October 29, indicating continued passive or index-related institutional demand. ETF purchases of Bank of America shares
• Positive Sentiment: Some analysts remain bullish. Recent commentary says Wall Street analysts generally expect Bank of America to recover despite its underperformance relative to the broader market. Premarket trading also offered a tentative indication of stabilization. Wall Street outlook for Bank of America
• Neutral Sentiment: AI-related economic concerns could affect the banking sector. Bank of America economists warned that a sustained sell-off in artificial-intelligence stocks could become a broader economic risk, particularly because equities represent a large share of household wealth. The warning is a macroeconomic risk rather than a company-specific development. Bank of America AI sell-off warning
• Negative Sentiment: Regulatory scrutiny and shareholder lawsuits are weighing on sentiment. Senator Elizabeth Warren is reportedly urging the Justice Department to investigate alleged anti-money-laundering and sanctions-law violations after Bank of America resolved enforcement actions. Multiple law firms also announced securities class actions tied to the alleged violations, with a December 15 lead-plaintiff deadline. These developments could increase legal, compliance and reputational costs, although the allegations and claims have not been proven. Bank of America regulatory scrutiny and class action report

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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