26,288 Bank of America Corporation $BAC Shares Acquired by Mechanics Bank Trust Department

Mechanics Bank Trust Department increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 83.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,965 shares of the financial services provider’s stock after buying an additional 26,288 shares during the period. Mechanics Bank Trust Department’s holdings in Bank of America were worth $3,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Bank of America News Roundup

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

• Positive Sentiment: BAC is scheduled to report third-quarter earnings before the market opens on October 14. Ahead of the report, the options market had indicated expectations for a relatively limited reaction, while analysts were focused on net interest income, lending trends and funding costs. Bank of America Earnings Preview: Options Market Signals a Muted Reaction
• Neutral Sentiment: Bank of America’s October investor survey found the highest technology-stock overweight since 2020, reflecting strong risk appetite but also potential vulnerability if the AI-led market rally reverses. The survey is strategically relevant to BAC’s research franchise but has limited direct impact on its earnings. BofA Poll Shows Investors Most Exposed to Tech Stocks Since 2020
• Neutral Sentiment: BAC is expanding lifestyle benefits for cardholders through access to New York City Wine & Food Festival events. The initiative may support customer engagement and card spending, but it is unlikely to materially affect near-term results. Bank of America Clients to Enjoy Premium Dining and Lifestyle Experiences
• Negative Sentiment: U.S. regulators said Bank of America failed to timely report more than $5 billion in suspicious transactions and admitted willful Bank Secrecy Act violations. The $1.21 billion package includes a record $750 million penalty from the Office of the Comptroller of the Currency, plus an $11.6 million sanctions settlement involving countries including Russia and Iran. BAC expects a roughly $1.2 billion, non-tax-deductible third-quarter charge, reducing earnings by about $0.17 per share. The action also highlights that the bank failed to resolve deficiencies identified in a 2024 cease-and-desist order. Bank of America hit with more than $1.2 billion in penalties
• Negative Sentiment: Erste Group lowered its Bank of America EPS forecasts to $4.55 for fiscal 2026 and $5.22 for fiscal 2027, adding to concerns about earnings momentum ahead of the quarterly report. Bank of America analyst estimates

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Citigroup raised their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. JPMorgan Chase & Co. reduced their target price on Bank of America from $68.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Robert W. Baird raised their target price on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, Royal Bank Of Canada lifted their price target on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Nineteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.22.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.53 during midday trading on Tuesday, hitting $54.05. The company’s stock had a trading volume of 44,924,449 shares, compared to its average volume of 37,191,953. The company has a market cap of $377.93 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The business’s 50 day simple moving average is $59.75 and its 200 day simple moving average is $56.67. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.89 EPS. On average, analysts forecast that Bank of America Corporation will post 4.61 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is currently 29.36%.

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.