Bank of America Corporation $BAC Stock Bought by Whitener Capital Management Inc.

Whitener Capital Management Inc. lifted its holdings in Bank of America Corporation (NYSE:BAC) by 182.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 51,367 shares of the financial services provider’s stock after buying an additional 33,202 shares during the quarter. Whitener Capital Management Inc.’s holdings in Bank of America were worth $2,796,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Total Clarity Wealth Management Inc. grew its position in shares of Bank of America by 3.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after buying an additional 168 shares during the last quarter. Orca Wealth Management LLC lifted its holdings in Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock worth $1,999,000 after acquiring an additional 179 shares during the last quarter. Financial Consulate Inc. lifted its holdings in Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 181 shares during the last quarter. Bedel Financial Consulting Inc. lifted its holdings in Bank of America by 1.1% in the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock worth $938,000 after acquiring an additional 184 shares during the last quarter. Finally, GatePass Capital LLC boosted its stake in Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after acquiring an additional 190 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Net interest income increased 8% year over year to approximately $16.4 billion, while average loans rose 6% and deposits grew 2%. Management also targeted at least 8% net-interest-income growth in 2027, supported by loan and deposit expansion. BAC Q3 Earnings Call Highlights NII Growth and Trading Pressure
• Positive Sentiment: Consumer banking and wealth management remained areas of strength, with Merrill’s fee-based advisory assets reaching a record $1.9 trillion. Bank of America also returned $8.3 billion to shareholders through dividends and share repurchases. Merrill Lynch’s Fee-Based Advisory Assets Just Hit a Record $1.9 Trillion
• Positive Sentiment: Despite lower targets, several analysts retained favorable views. Baird upgraded BAC to “outperform,” while Citigroup, Truist and Keefe, Bruyette & Woods maintained buy or outperform ratings. The revised targets remain above the current share price.
• Neutral Sentiment: Bank of America said it has added roughly 1,000 contractors alongside 3,000 employees to address software vulnerabilities identified by advanced AI tools. The spending pressures near-term expenses but could reduce technology and operational risk over time. Bank of America hired 1,000 contractors to patch software flaws exposed by Anthropic’s Mythos
• Negative Sentiment: Regulators imposed more than $1.2 billion in penalties for failures involving anti-money-laundering, Bank Secrecy Act and sanctions compliance, including the failure to report more than $5 billion in suspicious transactions. The charge reduced reported third-quarter EPS and raised concerns about management’s controls and potential remediation costs. Bank of America profit hurt by $1.2 billion fine over anti-money laundering shortcomings
• Negative Sentiment: Third-quarter adjusted EPS of $1.08 and revenue of roughly $30.0 billion missed consensus estimates. Fixed-income trading revenue fell 17%, investment-banking activity weakened, expenses grew faster than revenue, and credit-loss provisions reached approximately $1.3 billion. Analysts subsequently lowered price targets, including Morgan Stanley, TD Cowen, Piper Sandler and Citigroup.
• Negative Sentiment: Multiple law firms announced investigations into potential securities-law violations or breaches of fiduciary duty following the penalty and earnings miss. These notices do not establish liability but add reputational and potential litigation risk for BAC investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Citigroup lowered their target price on Bank of America from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday. Barclays dropped their price target on Bank of America from $72.00 to $68.00 and set an “overweight” rating on the stock in a research report on Thursday. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 price target on the stock in a report on Thursday. Morgan Stanley reduced their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Twenty investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.52.

Bank of America Stock Up 0.5%

BAC stock opened at $51.65 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm’s 50-day simple moving average is $59.29 and its 200 day simple moving average is $56.72. The stock has a market cap of $361.15 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 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 company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 earnings per share. As a group, sell-side analysts predict that Bank of America Corporation will post 4.60 EPS for the current year.

Bank of America Increases Dividend

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