TD Waterhouse Canada Inc. Purchases 1,197,394 Shares of Bank of America Corporation $BAC

TD Waterhouse Canada Inc. grew its position in Bank of America Corporation (NYSE:BAC) by 107.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,313,474 shares of the financial services provider’s stock after purchasing an additional 1,197,394 shares during the period. TD Waterhouse Canada Inc.’s holdings in Bank of America were worth $125,922,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Legal & General Group Plc purchased a new stake in shares of Bank of America during the 2nd quarter valued at approximately $2,571,060,000. Deutsche Bank AG acquired a new position in Bank of America in the second quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp purchased a new position in Bank of America in the second quarter worth approximately $2,313,953,000. Amundi grew its position in Bank of America by 12.5% in the first quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after acquiring an additional 4,721,969 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in 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 acquiring an additional 561,413 shares during the last quarter. Institutional investors and hedge funds 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: 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

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. UBS Group lowered their price target on Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a report on Monday, October 5th. Wells Fargo & Company cut their price objective on Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday. Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a report on Tuesday, October 6th. Finally, Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Twenty research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.52.

Bank of America Trading Down 0.8%

Bank of America stock traded down $0.42 during midday trading on Friday, reaching $51.28. 64,306,447 shares of the stock traded hands, compared to its average volume of 41,999,672. The company has a 50-day simple moving average of $59.05 and a two-hundred day simple moving average of $56.69. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The firm has a market cap of $358.59 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). The firm had revenue of $29.96 billion during the quarter, compared to analyst estimates 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 revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 earnings per share. Research analysts expect 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 disclosed 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 of this dividend 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 payout ratio is 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.