Weaver Capital Management LLC Acquires 10,612 Shares of Bank of America Corporation $BAC

Weaver Capital Management LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 21.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,655 shares of the financial services provider’s stock after purchasing an additional 10,612 shares during the period. Weaver Capital Management LLC’s holdings in Bank of America were worth $3,247,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BAC. Retirement Planning Co of New England Inc. grew its position in Bank of America by 15.9% during the third quarter. Retirement Planning Co of New England Inc. now owns 49,633 shares of the financial services provider’s stock valued at $2,702,000 after buying an additional 6,818 shares during the period. Mystic Asset Management Inc. increased its holdings in Bank of America by 5.0% during the third quarter. Mystic Asset Management Inc. now owns 166,651 shares of the financial services provider’s stock worth $9,071,000 after buying an additional 7,870 shares during the last quarter. WealthPLAN Partners LLC increased its holdings in Bank of America by 56.1% during the third quarter. WealthPLAN Partners LLC now owns 20,092 shares of the financial services provider’s stock worth $1,094,000 after buying an additional 7,223 shares during the last quarter. RDA Financial Network raised its position in Bank of America by 150.9% in the third quarter. RDA Financial Network now owns 39,523 shares of the financial services provider’s stock worth $2,151,000 after acquiring an additional 23,769 shares during the period. Finally, PFG Private Wealth Management LLC raised its position in Bank of America by 23.0% in the third quarter. PFG Private Wealth Management LLC now owns 5,603 shares of the financial services provider’s stock worth $305,000 after acquiring an additional 1,047 shares during the period. Institutional investors own 70.71% of the company’s stock.

Key Bank of America News

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

• Positive Sentiment: Net interest income increased 8% year over year to approximately $16.4 billion, while average loans rose 6% and deposits grew 2%. Management also targeted at least 8% net-interest-income growth in 2027, supported by loan and deposit expansion. BAC Q3 Earnings Call Highlights NII Growth and Trading Pressure
• Positive Sentiment: Consumer banking and wealth management remained areas of strength, with Merrill’s fee-based advisory assets reaching a record $1.9 trillion. Bank of America also returned $8.3 billion to shareholders through dividends and share repurchases. Merrill Lynch’s Fee-Based Advisory Assets Just Hit a Record $1.9 Trillion
• Positive Sentiment: Despite lower targets, several analysts retained favorable views. Baird upgraded BAC to “outperform,” while Citigroup, Truist and Keefe, Bruyette & Woods maintained buy or outperform ratings. The revised targets remain above the current share price.
• Neutral Sentiment: Bank of America said it has added roughly 1,000 contractors alongside 3,000 employees to address software vulnerabilities identified by advanced AI tools. The spending pressures near-term expenses but could reduce technology and operational risk over time. Bank of America hired 1,000 contractors to patch software flaws exposed by Anthropic’s Mythos
• Negative Sentiment: Regulators imposed more than $1.2 billion in penalties for failures involving anti-money-laundering, Bank Secrecy Act and sanctions compliance, including the failure to report more than $5 billion in suspicious transactions. The charge reduced reported third-quarter EPS and raised concerns about management’s controls and potential remediation costs. Bank of America profit hurt by $1.2 billion fine over anti-money laundering shortcomings
• Negative Sentiment: Third-quarter adjusted EPS of $1.08 and revenue of roughly $30.0 billion missed consensus estimates. Fixed-income trading revenue fell 17%, investment-banking activity weakened, expenses grew faster than revenue, and credit-loss provisions reached approximately $1.3 billion. Analysts subsequently lowered price targets, including Morgan Stanley, TD Cowen, Piper Sandler and Citigroup.
• Negative Sentiment: Multiple law firms announced investigations into potential securities-law violations or breaches of fiduciary duty following the penalty and earnings miss. These notices do not establish liability but add reputational and potential litigation risk for BAC investors.

Bank of America Trading Up 0.5%

Shares of BAC opened at $51.65 on Friday. The business has a 50-day moving average of $59.29 and a 200 day moving average of $56.72. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm has a market cap of $361.15 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (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 the consensus estimate of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The company’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.06 earnings per share. As a group, research analysts forecast that Bank of America Corporation will post 4.60 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 paid a $0.32 dividend. The ex-dividend date was Friday, September 4th. This is a positive change 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%. Bank of America’s dividend payout ratio is 29.36%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BAC. Keefe, Bruyette & Woods dropped their target price on shares of Bank of America from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Thursday. Morgan Stanley reduced their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Thursday. Wells Fargo & Company decreased their price target on shares of Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday. Citigroup lowered 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 report on Thursday. Finally, 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. Twenty analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.52.

About Bank of America

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.