Citizens Financial Group Inc. RI Buys 10,930 Shares of Bank of America Corporation $BAC

Key Points

• Citizens Financial Group increased its Bank of America stake by 0.8%, purchasing 10,930 shares to bring its holdings to 1.45 million shares valued at approximately $79.2 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America’s latest quarterly results fell short of expectations, with EPS of $1.08 versus $1.10 expected and revenue of $29.96 billion versus $30.58 billion forecast. Analysts subsequently lowered several earnings and valuation estimates amid regulatory and penalty concerns.
• The company declared a quarterly dividend of $0.32 per share, equivalent to a 2.5% yield, while analysts maintain a “Moderate Buy” consensus and an average price target of $62.82.

Citizens Financial Group Inc. RI grew its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,454,415 shares of the financial services provider's stock after buying an additional 10,930 shares during the quarter. Bank of America accounts for about 0.9% of Citizens Financial Group Inc. RI's portfolio, making the stock its 24th largest holding. Citizens Financial Group Inc. RI's holdings in Bank of America were worth $79,164,000 as of its most recent filing with the Securities & Exchange Commission.

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

Bank of America News Summary

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

• Positive Sentiment: Bank of America declared a quarterly dividend of $0.32 per share, or $1.28 annualized, representing a yield of approximately 2.5%. The payout provides ongoing income support for shareholders. Bank of America dividend report
• Positive Sentiment: Brokerages’ average price target remains above the current trading range at approximately $62.82, suggesting analysts still see potential upside despite recent target reductions. Bank of America average price target
• Neutral Sentiment: Bank of America issued 80,000 shares of new 7.200% Series WW preferred stock. The transaction can strengthen regulatory capital, although the high fixed dividend creates an additional funding cost. Bank of America issues Series WW preferred stock
• Neutral Sentiment: The company appointed Jim Fitterling and Bill Thomas to its board, expanding it from 12 to 14 directors. The appointments may improve oversight, but investors have not yet been given a clear financial impact. Bank of America board appointments
• Negative Sentiment: Multiple law firms are promoting securities-fraud class actions covering investors who purchased BAC securities between August 1, 2025 and October 13, 2026. The lead-plaintiff deadline is December 15, 2026, increasing headline and potential financial risk. Bank of America securities class action
• Negative Sentiment: Analysts cut Bank of America’s FY2026 EPS estimate to $4.35 from $4.55 and FY2027 estimate to $5.15 from $5.22. A separate valuation update reduced fair value to $63.14 from $67.33, reflecting concerns about regulatory penalties and earnings assumptions. Bank of America fair value estimate
• Negative Sentiment: Recent earnings fell short of expectations, with EPS of $1.08 versus $1.10 expected and revenue of $29.96 billion versus a $30.58 billion forecast. More than $1.2 billion in anti-money-laundering penalties and renewed questions about CEO Brian Moynihan’s future are adding to investor uncertainty.

Bank of America Price Performance

NYSE:BAC opened at $50.59 on Friday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The stock has a 50 day moving average of $57.70 and a two-hundred day moving average of $56.75. 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 firm has a market cap of $353.78 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last announced its 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 firm had revenue of $29.96 billion for 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%. Bank of America's revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 EPS. On average, analysts expect that Bank of America Corporation will post 4.52 earnings per share 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. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, December 4th. Bank of America's payout ratio is presently 30.40%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price objective on shares of Bank of America from $69.00 to $64.00 and set an "overweight" rating on the stock in a research note on Thursday, October 15th. HSBC assumed coverage on shares of Bank of America in a research note on Monday, September 28th. They issued a "buy" rating and a $65.00 target price for the company. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 price target on the stock in a report on Thursday, October 15th. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Finally, Jefferies Financial Group dropped their price target on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, September 24th. One equities research 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's stock. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $62.82.

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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