Bank of America Corporation $BAC Stock Holdings Boosted by Frank Rimerman Advisors LLC

Key Points

• Frank Rimerman Advisors increased its Bank of America position by 37.9% in the third quarter, bringing its holdings to 104,613 shares valued at approximately $5.7 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America’s third-quarter results fell slightly short of expectations, with adjusted EPS of $1.08 versus $1.10 expected and revenue of $29.96 billion versus $30.58 billion. A $1.2 billion anti-money-laundering and sanctions penalty, higher expenses, and weaker fixed-income trading weighed on results.
• Despite recent pressure, analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $62.52. The bank also raised its quarterly common-stock dividend to $0.32, equal to a 2.5% annualized yield.

Frank Rimerman Advisors LLC grew its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 37.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 104,613 shares of the financial services provider's stock after acquiring an additional 28,743 shares during the period. Frank Rimerman Advisors LLC's holdings in Bank of America were worth $5,694,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bamco Inc. NY grew its position in shares of Bank of America by 45.4% in the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock worth $2,336,000 after buying an additional 12,794 shares during the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Bank of America during the second quarter valued at approximately $4,089,000. Bernicke Wealth Management Ltd. purchased a new position in shares of Bank of America during the second quarter valued at approximately $2,132,000. Aspiriant LLC increased its stake in shares of Bank of America by 34.3% during the third quarter. Aspiriant LLC now owns 48,877 shares of the financial services provider's stock valued at $2,660,000 after buying an additional 12,479 shares during the period. Finally, Legacy Private Trust Co. raised its holdings in shares of Bank of America by 11.7% during the third quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider's stock valued at $6,267,000 after acquiring an additional 12,016 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America News Summary

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

Bank of America Trading Down 0.8%

NYSE:BAC opened at $51.28 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $358.59 billion, a P/E ratio of 12.18, a PEG ratio of 0.83 and a beta of 1.21. The company's 50-day simple moving average is $59.05 and its 200 day simple moving average is $56.69. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts' consensus estimates of $1.10 by ($0.02). The company had revenue of $29.96 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $1.06 EPS. As a group, analysts forecast that Bank of America Corporation will post 4.54 EPS 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 $0.32 dividend. 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 payout ratio is currently 30.40%.

Analysts Set New Price Targets

A number of brokerages recently commented on BAC. Robert W. Baird raised 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. Evercore set a $62.00 price objective on shares of Bank of America in a research report on Thursday, October 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. Royal Bank Of Canada decreased their price objective on shares of Bank of America from $65.00 to $60.00 and set an "outperform" rating for the company in a report on Thursday. Finally, UBS Group decreased their price objective on shares of Bank of America from $70.00 to $67.00 and set a "buy" rating for the company in a report on Monday, October 5th. Twenty research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $62.52.

Bank of America Company 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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