Bank of America Corporation $BAC Stock Purchased by B. Riley Wealth Advisors Inc.

Key Points

• B. Riley Wealth Advisors increased its Bank of America stake by 51.3% in the third quarter, bringing its holdings to 136,018 shares valued at approximately $7.4 million. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Bank of America’s latest quarterly results exceeded expectations, with EPS of $1.21 versus the $1.13 consensus and revenue of $31.56 billion, up 19.6% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.22.
• Regulatory penalties pose a significant near-term risk: more than $1.2 billion in fines related to transaction monitoring and sanctions violations will create a non-tax-deductible charge expected to reduce third-quarter earnings by about $0.17 per share.

B. Riley Wealth Advisors Inc. lifted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 51.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 136,018 shares of the financial services provider's stock after buying an additional 46,099 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Bank of America were worth $7,403,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Legal & General Group Plc acquired a new stake in Bank of America in the 2nd quarter valued at $2,571,060,000. Amundi raised its stake in Bank of America by 12.5% during the first quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock worth $2,066,274,000 after acquiring an additional 4,721,969 shares in the last quarter. Deutsche Bank AG acquired a new position in Bank of America during the second quarter worth $2,359,172,000. Bank of New York Mellon Corp acquired a new position in Bank of America during the second quarter worth $2,313,953,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Bank of America by 1.8% during the first 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 acquiring an additional 561,413 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s most recent quarterly results exceeded expectations, with earnings per share of $1.21 versus the $1.13 consensus and revenue of $31.56 billion, up 19.6% year over year. Investors may look for continued revenue and lending strength in the upcoming report. Bank of America earnings outlook
• Neutral Sentiment: Bank of America is scheduled to report third-quarter results before the market opens on October 14. Analysts are focused on net interest income, lending growth, funding costs and management’s outlook amid elevated Treasury yields and broader weakness in bank stocks. Bank of America Q3 earnings preview
• Neutral Sentiment: Analyst estimates were modestly reduced by Erste Group Bank, which lowered its 2026 earnings forecast to $4.55 per share from $4.64 and its 2027 forecast to $5.22 from $5.25. The 2026 estimate is slightly below the broader consensus of $4.61. Bank of America earnings estimates
• Negative Sentiment: U.S. regulators imposed more than $1.2 billion in penalties after finding that Bank of America failed to properly monitor transactions and timely report more than $5 billion in suspicious activity. The OCC’s $750 million penalty was described as its largest civil money penalty against a bank, while a separate $11.6 million settlement covered more than 400 apparent sanctions violations involving countries including Russia and Iran. Bank of America anti-money-laundering penalties
• Negative Sentiment: Bank of America said the enforcement action will create a $1.2 billion non-tax-deductible charge in third-quarter results, reducing quarterly earnings by approximately $0.17 per share. The penalty also raises concerns about compliance costs, remediation efforts and potential reputational damage. Bank of America third-quarter charge

Bank of America Trading Down 1.0%

BAC stock opened at $54.05 on Wednesday. The business has a fifty day moving average price of $59.75 and a 200 day moving average price of $56.67. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The stock has a market capitalization of $377.93 billion, a price-to-earnings ratio of 12.52, a P/E/G ratio of 0.88 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%. The business's revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 earnings per share. Analysts expect that Bank of America Corporation will post 4.60 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. Investors of record on Friday, September 4th were issued a $0.32 dividend. This is a positive change 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 2.4%. The ex-dividend date of this dividend was Friday, September 4th. Bank of America's dividend payout ratio (DPR) is presently 29.36%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Truist Financial reduced their target price on shares of Bank of America from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Thursday, October 1st. Barclays increased their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Evercore set a $62.00 target price on shares of Bank of America in a research report on Thursday, October 1st. Robert W. Baird lifted their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Finally, Morgan Stanley restated an "overweight" rating on shares of Bank of America in a research report on Tuesday, September 15th. Nineteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $64.22.

Bank of America Company Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.

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