IMS Investment Management Services Ltd. reduced its position in Bank of America by 48.7% in the third quarter, selling 25,965 shares and ending the period with 27,317 shares valued at $1.41 million. Other notable moves include Brighton Jones LLC raising its stake by 30.0% to 108,872 shares worth $4.79 million, Quarry LP initiating a new position valued at $512,000, First Financial Bankshares Inc. boosting its holding by 14.7% to 1,663,914 shares valued at $69.44 million, Focus Partners Advisor Solutions LLC increasing its shares by 12.0% to 136,846 shares worth $5.71 million, and Maverick Capital Ltd. opening a new position valued at approximately $152.1 million. Overall, institutional investors and hedge funds now own 70.71% of the company’s outstanding shares.

In the most recent quarter, the bank reported earnings per share of $1.06, surpassing analysts’ consensus estimate of $0.93 by $0.13. Net margin improved to 15.70% and return on equity reached 10.76%. Total revenue rose 10.8% year-over-year to $27.05 billion, driven by growth in both consumer banking and global markets businesses. This performance marks a sequential improvement in profitability and underscores management’s ability to leverage rising interest rates and fee income opportunities.

The board declared a quarterly dividend of $0.28 per share, representing a $1.12 annualized payout and a yield of 2.0% based on recent levels. Stockholders of record as of December 5 were paid on December 26. The bank’s payout ratio stands at 30.52%, reflecting a balance between returning capital to shareholders and retaining earnings to support loan growth and capital requirements.

Several firms have raised their price targets following management meetings and sector trends. Keefe Bruyette lifted its target from $58 to $64 while maintaining an Outperform rating. Seaport Global increased its target from $59 to $66 with a Buy rating. TD Cowen raised its target from $61 to $64, also in a Buy note. Wolfe Research and Piper Sandler both adjusted upwards, and Wall Street Zen moved from Sell to Hold. Across 28 analysts, the consensus stands at a Moderate Buy with an average target of $58.59, reflecting confidence in the bank’s earnings trajectory and capital deployment strategies.