Bank of America Corporation $BAC Stock: Illinois Municipal Retirement Fund Raises Stake

Illinois Municipal Retirement Fund raised its position in shares of Bank of America Corporation (NYSE:BAC) by 1.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 606,908 shares of the financial services provider’s stock after purchasing an additional 10,719 shares during the period. Illinois Municipal Retirement Fund’s holdings in Bank of America were worth $33,034,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Inspire Trust Co. N.A. bought a new position in Bank of America in the 3rd quarter worth about $10,342,000. Knights of Columbus Asset Advisors LLC raised its holdings in shares of Bank of America by 1.2% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 448,645 shares of the financial services provider’s stock valued at $24,420,000 after buying an additional 5,384 shares during the last quarter. AMG National Trust Bank raised its holdings in shares of Bank of America by 10.9% during the third quarter. AMG National Trust Bank now owns 48,877 shares of the financial services provider’s stock valued at $2,660,000 after buying an additional 4,805 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. raised its holdings in shares of Bank of America by 42.6% during the third quarter. Woodley Farra Manion Portfolio Management Inc. now owns 5,025 shares of the financial services provider’s stock valued at $274,000 after buying an additional 1,500 shares during the last quarter. Finally, Lido Advisors LLC boosted its position in shares of Bank of America by 15.2% during the third quarter. Lido Advisors LLC now owns 647,855 shares of the financial services provider’s stock worth $35,263,000 after buying an additional 85,521 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Royal Bank Of Canada reduced their price objective on Bank of America from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Thursday, October 15th. Phillip Securities upgraded Bank of America to a “strong-buy” rating in a research report on Friday, October 16th. JPMorgan Chase & Co. cut their target price on Bank of America from $62.00 to $59.50 and set an “overweight” rating on the stock in a research note on Friday, October 30th. Jefferies Financial Group cut their target price on Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. Finally, Argus set a $70.00 price target on Bank of America in a research report on Wednesday, July 15th. One research 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.48.

Bank of America Stock Up 0.3%

Bank of America stock opened at $50.72 on Wednesday. The stock has a market cap of $349.95 billion, a price-to-earnings ratio of 12.05, 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. The company’s 50-day moving average price is $54.78 and its two-hundred day moving average price is $54.87. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22.

Bank of America (NYSE:BAC) last released its quarterly 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 company had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.06 earnings per share. On average, analysts expect that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Trending Headlines about Bank of America

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

• Neutral Sentiment: Bank of America warned that October inflation could leave the Federal Reserve behind the curve and open the door to a half-point rate hike in December. Higher rates can support bank lending income, but a sharp increase could also weigh on borrowers and the economy. Article: Fed May Be Falling Behind on Inflation
• Negative Sentiment: Several law firms repeated notices about a securities class action covering investors who bought BAC shares from August 1, 2025, through October 13, 2026; the lead-plaintiff deadline is December 15. The notices largely reiterate the same case, but the litigation and allegations that the bank misled investors add reputational and potential legal-cost risks. Article: Bank of America Shareholder Class Action
• Negative Sentiment: Reports also point to heightened scrutiny over the bank’s anti-money-laundering and sanctions compliance, including Senator Elizabeth Warren’s reported call for a Justice Department criminal probe. Any further investigation could increase legal and reputational risks, though the reports do not establish that a new probe has begun. Article: Bank of America Faces Scrutiny and Class Action
• Negative Sentiment: Berkshire Hathaway may have sold more Bank of America shares in the third quarter, according to clues from a filing. The possible sales could weigh on sentiment, although the article says the portfolio disclosure is still pending. Article: Berkshire Hathaway May Have Sold More Bank of America Stock

About Bank of America

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.