Bank of America Corporation $BAC Stock: Perryman Financial Advisory Inc. AD Increases Holdings

Perryman Financial Advisory Inc. AD increased its position in shares of Bank of America Corporation (NYSE:BAC) by 29.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 225,165 shares of the financial services provider’s stock after acquiring an additional 50,620 shares during the quarter. Bank of America comprises approximately 1.6% of Perryman Financial Advisory Inc. AD’s investment portfolio, making the stock its 13th biggest holding. Perryman Financial Advisory Inc. AD’s holdings in Bank of America were worth $12,256,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. Legal & General Group Plc bought a new stake in Bank of America in the second quarter valued at approximately $2,571,060,000. Deutsche Bank AG bought a new position in shares of Bank of America during the second quarter worth $2,359,172,000. Bank of New York Mellon Corp bought a new position in shares of Bank of America during the second quarter worth $2,313,953,000. Amundi boosted its position in shares of Bank of America by 12.5% during the first quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after purchasing an additional 4,721,969 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of 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 purchasing an additional 561,413 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BAC shares. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Wells Fargo & Company dropped their price objective on Bank of America from $69.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday. Royal Bank Of Canada reduced their target price on Bank of America from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday. Truist Financial decreased their target price on Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 price target for the company in a report on Thursday. Twenty investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $62.52.

Key Stories Impacting Bank of America

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 Stock Down 0.8%

BAC stock traded down $0.42 during mid-day trading on Friday, hitting $51.28. 64,306,447 shares of the company were exchanged, compared to its average volume of 41,999,672. 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 Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The firm’s 50 day simple moving average is $59.05 and its 200 day simple moving average is $56.69. The firm has a market cap of $358.59 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.84 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its quarterly 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 company 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 business’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.06 EPS. On average, sell-side analysts predict that Bank of America Corporation will post 4.57 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a $0.32 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.5%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is presently 29.36%.

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.