34,312 Bank of America Corporation $BAC Shares Purchased by Cyndeo Wealth Partners LLC

Cyndeo Wealth Partners LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 100.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 68,415 shares of the financial services provider’s stock after acquiring an additional 34,312 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Bank of America were worth $3,724,000 at the end of the most recent quarter.

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

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

Bank of America Stock Performance

Shares of BAC stock opened at $51.28 on Friday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. The firm 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. The company’s fifty day moving average price is $59.05 and its two-hundred day moving average price is $56.69.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $1.06 earnings per share. On average, research analysts anticipate that Bank of America Corporation will post 4.57 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Jefferies Financial Group dropped their target price on Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Argus set a $70.00 price target on Bank of America in a research report on Wednesday, July 15th. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Finally, Royal Bank Of Canada lowered their price objective on shares of Bank of America from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Thursday. Twenty research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus 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.