Bleakley Financial Group LLC Raises Stock Position in Bank of America Corporation $BAC
Bleakley Financial Group LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 9.2% in Q3, owning 189,645 shares valued at $9.78 million. Other institutional investors also raised their stakes, with Quaker Wealth Management increasing by 246.5%. Bank of America is focusing on expanding its private-credit and direct-lending activities, redesigning its no-fee rewards program, and has received positive recognition in wealth management. However, there are concerns regarding the private credit sector's health and valuation risks. Analysts have mixed ratings and price targets for BAC shares.
Bleakley Financial Group LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 189,645 shares of the financial services provider's stock after buying an additional 15,909 shares during the quarter. Bleakley Financial Group LLC's holdings in Bank of America were worth $9,784,000 at the end of the most recent reporting period.
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Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC lifted its stake in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. Steph & Co. raised its holdings in Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider's stock valued at $28,000 after buying an additional 379 shares during the period. Collier Financial bought a new stake in Bank of America in the third quarter worth $30,000. Marquette Asset Management LLC purchased a new position in Bank of America during the third quarter worth $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new position in Bank of America during the third quarter valued at $31,000. Hedge funds and other institutional investors own 70.71% of the company's stock.
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Trending Headlines about Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Large growth/fee opportunity — BofA plans to commit $25 billion of its own capital to expand private‑credit and direct‑lending activity, a move that can boost fee income, diversify lending channels and signal aggressive growth of non‑interest revenue. BofA commits $25 billion to private-credit deals, memo shows
- Positive Sentiment: Client acquisition and deposit strategy — BofA is redesigning a no‑fee rewards program aimed at expanding relationships with checking clients (potentially ~30M more), which could deepen deposit balances and cross‑sell into cards and wealth management over time. How BAC's No-Fee Rewards Program Can Be a Slow-Burn Growth Driver
- Positive Sentiment: Wealth business recognition — Merrill had 24 advisors named to Financial Planning’s Top 40 Brokers Under 40, underscoring talent depth in wealth management, which supports fee revenue stability and advisor retention. 24 Merrill Advisors Recognized on Financial Planning's Top 40 Brokers Under 40 List
- Neutral Sentiment: Investor attention rising — Screening and search interest in BAC has picked up, which can amplify moves both ways depending on incoming data and macro headlines. Investors Heavily Search Bank of America Corporation (BAC)
- Neutral Sentiment: Macro/sector commentary — Bank of America Securities flagged the housing rebound as shaky (weak year‑on‑year), which is sector commentary that could influence mortgage volumes but isn’t an immediate hit to BAC’s broad franchise. Home Construction Rebound Looks Shaky, Says Analyst
- Negative Sentiment: Risk/valuation concerns in private credit — Coverage from FT and others notes growing industry moves into private credit and flags mounting concerns about the sector’s health and underwriting risk; deploying large balance‑sheet capital raises exposure and regulatory/credit‑cycle risk if conditions sour. Bank of America commits $25bn to private credit lending
Wall Street Analyst Weigh In
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Several research firms have recently issued reports on BAC. Morgan Stanley lowered their target price on shares of Bank of America from $68.00 to $64.00 and set an "overweight" rating for the company in a report on Thursday, January 15th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 6th. Truist Financial dropped their target price on Bank of America from $62.00 to $60.00 and set a "buy" rating for the company in a research report on Thursday, January 15th. Piper Sandler increased their price target on Bank of America from $56.00 to $57.00 and gave the stock a "neutral" rating in a report on Thursday, January 15th. Finally, Wells Fargo & Company raised their price target on Bank of America from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Monday, January 5th. Twenty-two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $60.30.
Read Our Latest Analysis on BAC
Bank of America Stock Up 0.5%
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Shares of NYSE BAC opened at $53.04 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $57.55. The firm has a market capitalization of $387.35 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.30 and a beta of 1.29. The stock has a 50 day moving average price of $54.29 and a 200 day moving average price of $52.27. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.
Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same period in the previous year, the company posted $0.82 EPS. Bank of America's revenue was up 12.3% on a year-over-year basis. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America's dividend payout ratio is 29.24%.
Bank of America Profile
(Free Report)Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.
Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.
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