Salem Investment Counselors Inc. Buys 100,895 Shares of Bank of America Corporation $BAC

Salem Investment Counselors Inc. lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,223,837 shares of the financial services provider’s stock after purchasing an additional 100,895 shares during the quarter. Bank of America comprises about 1.6% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 17th largest position. Salem Investment Counselors Inc.’s holdings in Bank of America were worth $66,613,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Legal & General Group Plc acquired a new stake in shares of Bank of America in the second quarter valued at about $2,571,060,000. Deutsche Bank AG acquired a new position in Bank of America during the second quarter worth about $2,359,172,000. Bank of New York Mellon Corp acquired a new position in Bank of America during the second quarter worth about $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Bank of America in the second quarter valued at about $939,807,000. Finally, Canada Pension Plan Investment Board purchased a new position in Bank of America in the second quarter valued at about $916,398,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s most recent quarterly results exceeded expectations, with earnings per share of $1.21 versus the $1.13 consensus and revenue of $31.56 billion, up 19.6% year over year. Investors may look for continued revenue and lending strength in the upcoming report. Bank of America earnings outlook
• Neutral Sentiment: Bank of America is scheduled to report third-quarter results before the market opens on October 14. Analysts are focused on net interest income, lending growth, funding costs and management’s outlook amid elevated Treasury yields and broader weakness in bank stocks. Bank of America Q3 earnings preview
• Neutral Sentiment: Analyst estimates were modestly reduced by Erste Group Bank, which lowered its 2026 earnings forecast to $4.55 per share from $4.64 and its 2027 forecast to $5.22 from $5.25. The 2026 estimate is slightly below the broader consensus of $4.61. Bank of America earnings estimates
• Negative Sentiment: U.S. regulators imposed more than $1.2 billion in penalties after finding that Bank of America failed to properly monitor transactions and timely report more than $5 billion in suspicious activity. The OCC’s $750 million penalty was described as its largest civil money penalty against a bank, while a separate $11.6 million settlement covered more than 400 apparent sanctions violations involving countries including Russia and Iran. Bank of America anti-money-laundering penalties
• Negative Sentiment: Bank of America said the enforcement action will create a $1.2 billion non-tax-deductible charge in third-quarter results, reducing quarterly earnings by approximately $0.17 per share. The penalty also raises concerns about compliance costs, remediation efforts and potential reputational damage. Bank of America third-quarter charge

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BAC shares. Morgan Stanley reiterated an “overweight” rating on shares of Bank of America in a research report on Tuesday, September 15th. Royal Bank Of Canada boosted their price target on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. HSBC began coverage on Bank of America in a research note on Monday, September 28th. They issued a “buy” rating and a $65.00 price objective for the company. Finally, TD Cowen assumed coverage on Bank of America in a research note on Thursday, October 8th. They issued a “hold” rating and a $60.00 price objective for the company. Nineteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $64.22.

Bank of America Price Performance

Bank of America stock opened at $54.05 on Wednesday. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm’s 50-day simple moving average is $59.75 and its 200 day simple moving average is $56.67. The firm has a market capitalization of $377.93 billion, a PE ratio of 12.40, a P/E/G ratio of 0.88 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the prior year, the company earned $0.89 EPS. The firm’s revenue was up 19.6% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corporation will post 4.60 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders 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 an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.4%. Bank of America’s dividend payout ratio (DPR) 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.