Maryland State Retirement & Pension System Acquires 40,271 Shares of Bank of America Corporation $BAC

Key Points

• Maryland State Retirement & Pension System increased its Bank of America stake by 11.3%, buying 40,271 shares in the third quarter. It held 396,626 shares worth about $21.6 million at quarter-end.
• Bank of America reported quarterly EPS of $1.08, below the $1.10 analyst consensus, and revenue of $29.96 billion, short of estimates; revenue nevertheless rose 3.2% year over year.
• The bank declared a quarterly dividend of $0.32 per share, equivalent to a 2.5% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $62.48 average price target.

Maryland State Retirement & Pension System increased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 11.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 396,626 shares of the financial services provider's stock after purchasing an additional 40,271 shares during the period. Maryland State Retirement & Pension System's holdings in Bank of America were worth $21,588,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Total Clarity Wealth Management Inc. increased its position in Bank of America by 3.6% in the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock worth $279,000 after buying an additional 168 shares during the period. Orca Wealth Management LLC lifted its holdings in shares of Bank of America by 0.5% during the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after buying an additional 179 shares during the last quarter. Financial Consulate Inc. boosted its position in shares of Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock valued at $270,000 after acquiring an additional 181 shares during the period. Bedel Financial Consulting Inc. boosted its position in shares of Bank of America by 1.1% in the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider's stock valued at $938,000 after acquiring an additional 184 shares during the period. Finally, GatePass Capital LLC grew its stake in shares of Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock worth $266,000 after acquiring an additional 190 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.67 on Thursday. The firm has a market capitalization of $349.61 billion, a PE ratio of 12.03, a PEG ratio of 0.89 and a beta of 1.19. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The business's 50 day moving average is $54.56 and its 200-day moving average is $54.87.

Bank of America (NYSE:BAC - Get Free Report) last issued 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 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 business's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 earnings per share. Sell-side analysts predict that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Stockholders of record on Friday, December 4th will be paid a $0.32 dividend. The ex-dividend date is Friday, December 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America's dividend payout ratio is currently 30.40%.

More Bank of America News

Here's some of the latest news about BAC:

• Positive Sentiment: A comparison with Wells Fargo says Bank of America has an edge on earnings growth and valuation, though Wells Fargo has stronger recent share performance and return on equity. Read article
• Neutral Sentiment: Bank of America’s market outlook includes caution about crowded trades, while its view that inflation could prompt a larger Federal Reserve rate hike points to potential rate volatility. These are broader market calls, not new BAC-specific financial forecasts. Read article Read article
• Negative Sentiment: Several law firms are publicizing the same securities class action against Bank of America, concerning investors who bought shares from August 1, 2025, through October 13, 2026. The lead-plaintiff deadline is December 15, 2026. The repeated alerts are not evidence of a new ruling, but the allegations and potential legal costs may weigh on sentiment. Read article Read article

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. Evercore set a $62.00 target price on shares of Bank of America in a research report on Thursday, October 1st. Keefe, Bruyette & Woods reduced their price target on shares of Bank of America from $70.00 to $65.00 and set an "outperform" rating for the company 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. Citigroup decreased their price target on shares of Bank of America from $66.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, October 15th. Finally, Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $62.48.

Bank of America Company Profile

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.