21,916 Bank of America Corporation $BAC Shares Bought by Hanson & Doremus Investment Management

Hanson & Doremus Investment Management raised its holdings in Bank of America Corporation (NYSE:BAC) by 500.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,292 shares of the financial services provider’s stock after buying an additional 21,916 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Bank of America were worth $1,431,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BAC. Bamco Inc. NY increased its holdings in shares of Bank of America by 45.4% in the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock worth $2,336,000 after buying an additional 12,794 shares during the period. E Fund Management Co. Ltd. purchased a new position in Bank of America during the 2nd quarter valued at about $4,089,000. Bernicke Wealth Management Ltd. bought a new position in Bank of America during the 2nd quarter valued at approximately $2,132,000. Legacy Private Trust Co. raised its holdings in shares of Bank of America by 11.7% during the third quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider’s stock valued at $6,267,000 after acquiring an additional 12,016 shares in the last quarter. Finally, Nykredit A S purchased a new stake in Bank of America in the second quarter worth $94,447,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $51.28 on Friday. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The business’s 50-day moving average is $59.05 and its two-hundred day moving average is $56.69. The company has a market capitalization 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 released 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). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The business had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. During the same period in the previous year, the company posted $1.06 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. Research analysts predict that Bank of America Corporation will post 4.57 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of $0.32 per share. 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 (DPR) is presently 29.36%.

Bank of America News Summary

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

Analysts Set New Price Targets

Several analysts recently commented on BAC shares. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. Jefferies Financial Group cut their price target on Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Wells Fargo & Company cut their price target on Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Truist Financial dropped their target price on Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a research report on Thursday. Twenty research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.