Bank of America Corporation $BAC Stock: Snider Financial Group Boosts Stake

Snider Financial Group boosted its position in Bank of America Corporation (NYSE:BAC) by 74.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 26,042 shares of the financial services provider’s stock after acquiring an additional 11,096 shares during the period. Snider Financial Group’s holdings in Bank of America were worth $1,417,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in BAC. Legal & General Group Plc acquired a new stake in shares of Bank of America during the second quarter worth $2,571,060,000. Amundi grew its stake in shares of Bank of America by 12.5% in the first quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock valued at $2,066,274,000 after acquiring an additional 4,721,969 shares in the last quarter. Deutsche Bank AG acquired a new position in shares of Bank of America in the second quarter valued at about $2,359,172,000. Bank of New York Mellon Corp bought a new position in Bank of America during the second quarter worth about $2,313,953,000. Finally, Dimensional Fund Advisors LP increased its position in 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 worth $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.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BAC. UBS Group dropped their price objective on Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a report on Monday, October 5th. TD Cowen dropped their price target on Bank of America from $60.00 to $56.00 and set a “hold” rating for the company in a research note on Thursday. Jefferies Financial Group reduced their price objective on shares of 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. Royal Bank Of Canada decreased their target price on shares of Bank of America from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Evercore set a $62.00 price target on shares of Bank of America in a report on Thursday, October 1st. Twenty investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.52.

More Bank of America News

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

• Positive Sentiment: Analyst support and potential earnings recovery: Baird upgraded BAC to Outperform with a $62 price target, while other analysts maintained Buy or Outperform ratings despite reducing targets. Management also projected at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Baird Upgrades Bank of America Stock Despite a Soft Quarter
• Positive Sentiment: Regulatory remediation is progressing: Bank of America said it has completed substantial work required under a consent order, potentially helping reduce longer-term compliance uncertainty. The bank’s CEO also described the U.S. economy as resilient and growing. Bank of America says it has completed a lot of work on consent order
• Neutral Sentiment: Preferred dividends declared: The board authorized regular cash dividends on multiple preferred-stock series, payable in November and December. The announcement supports the bank’s capital-distribution profile but does not represent a new increase in BAC common-stock dividends. Bank of America Declares Preferred Stock Dividends
• Negative Sentiment: Q3 earnings missed expectations: BAC reported adjusted earnings of $1.08 per share versus a $1.10 consensus, while revenue also fell short. A $1.2 billion anti-money-laundering and sanctions penalty reduced earnings, and expenses grew faster than revenue; weaker fixed-income trading and settlement costs added pressure. Bank of America Stock Sell-Off Looks Like a Buying Opportunity
• Negative Sentiment: Compliance and litigation overhang: Senator Elizabeth Warren criticized the penalty as insufficient, while several law firms announced investigations into potential securities claims and fiduciary-duty issues. These developments could increase legal costs and prolong reputational concerns. Rosen Law Firm Investigation

Bank of America Trading Down 0.8%

NYSE BAC traded down $0.42 on Friday, reaching $51.28. The company had a trading volume of 64,306,447 shares, compared to its average volume of 41,999,672. The firm has a market cap of $358.59 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.84 and a beta of 1.21. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 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 business has a 50 day moving average of $59.05 and a two-hundred day moving average of $56.69.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share 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%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.06 EPS. Analysts forecast that Bank of America Corporation will post 4.57 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.32 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, September 4th. Bank of America’s dividend payout ratio 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.