Frank Rimerman Advisors LLC Purchases 28,743 Shares of Bank of America Corporation $BAC

Frank Rimerman Advisors LLC grew its position in Bank of America Corporation (NYSE:BAC) by 37.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 104,613 shares of the financial services provider’s stock after purchasing an additional 28,743 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Bank of America were worth $5,694,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Turim 21 Investimentos Ltda. bought a new stake in shares of Bank of America during the second quarter valued at approximately $25,000. Cherry Tree Wealth Management LLC raised its holdings in Bank of America by 167.6% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 300 shares during the last quarter. Principia Wealth Advisory LLC raised its holdings in Bank of America by 69.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 218 shares during the last quarter. Vermillion Wealth Management Inc. lifted its position in Bank of America by 199.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 438 shares in the last quarter. Finally, Frazier Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter valued at approximately $34,000. Institutional investors own 70.71% of the company’s stock.

Key Stories Impacting Bank of America

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 several recent analyst reports. Morgan Stanley cut their target price on Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research note on Thursday. Truist Financial decreased their price target on Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday. Evercore set a $62.00 price target on Bank of America in a research note on Thursday, October 1st. HSBC began coverage on Bank of America in a report on Monday, September 28th. They set a “buy” rating and a $65.00 price target on the stock. Finally, Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Twenty equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $62.52.

Bank of America Stock Performance

Shares of BAC stock opened at $51.28 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. The company has a 50 day moving average price of $59.05 and a 200-day moving average price of $56.69. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The firm has a market capitalization of $358.59 billion, a PE ratio of 12.18, a P/E/G 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 analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter last year, the company earned $1.06 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 4.54 earnings per share for the current year.

Bank of America Increases Dividend

The business 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 boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. Bank of America’s payout ratio is presently 30.40%.

Bank of America Company Profile

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.