10,719 Bank of America Corporation $BAC Shares Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 606,908 shares of the financial services provider’s stock after purchasing an additional 10,719 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Bank of America were worth $33,034,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Turim 21 Investimentos Ltda. purchased a new position in shares of Bank of America during the 2nd quarter valued at approximately $25,000. Cherry Tree Wealth Management LLC increased its stake in shares of Bank of America by 167.6% in the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after buying an additional 300 shares during the last quarter. Principia Wealth Advisory LLC increased its stake in shares of Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after buying an additional 218 shares during the last quarter. Balance Wealth Partners LLC bought a new stake in shares of Bank of America in the third quarter worth $33,000. Finally, Frazier Financial Advisors LLC acquired a new stake in Bank of America in the second quarter valued at $34,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $50.72 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The firm’s 50-day moving average price is $54.78 and its two-hundred day moving average price is $54.87. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The stock has a market capitalization of $349.95 billion, a P/E ratio of 12.05, a P/E/G ratio of 0.89 and a beta of 1.19.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). The company had revenue of $29.96 billion for 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 firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the company posted $1.06 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, December 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. Bank of America’s payout ratio is currently 30.40%.

Key Headlines Impacting Bank of America

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

• Neutral Sentiment: Bank of America warned that October inflation could leave the Federal Reserve behind the curve and open the door to a half-point rate hike in December. Higher rates can support bank lending income, but a sharp increase could also weigh on borrowers and the economy. Article: Fed May Be Falling Behind on Inflation
• Negative Sentiment: Several law firms repeated notices about a securities class action covering investors who bought BAC shares from August 1, 2025, through October 13, 2026; the lead-plaintiff deadline is December 15. The notices largely reiterate the same case, but the litigation and allegations that the bank misled investors add reputational and potential legal-cost risks. Article: Bank of America Shareholder Class Action
• Negative Sentiment: Reports also point to heightened scrutiny over the bank’s anti-money-laundering and sanctions compliance, including Senator Elizabeth Warren’s reported call for a Justice Department criminal probe. Any further investigation could increase legal and reputational risks, though the reports do not establish that a new probe has begun. Article: Bank of America Faces Scrutiny and Class Action
• Negative Sentiment: Berkshire Hathaway may have sold more Bank of America shares in the third quarter, according to clues from a filing. The possible sales could weigh on sentiment, although the article says the portfolio disclosure is still pending. Article: Berkshire Hathaway May Have Sold More Bank of America Stock

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 price objective on the stock in a research note on Thursday, October 15th. Jefferies Financial Group dropped their target price on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Phillip Securities upgraded shares of Bank of America to a “strong-buy” rating in a research note on Friday, October 16th. Rothschild & Co Redburn set a $72.00 price target on shares of Bank of America in a research report on Tuesday, October 6th. Finally, UBS Group reduced their price target on shares of Bank of America from $67.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.48.

Bank of America Profile

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.