Bank of America Corporation $BAC Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

20 Oct 2026, 12:02 by Michael Walen · The Markets Daily

Sumitomo Mitsui DS Asset Management Company Ltd lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 5.5% in the third quarter, Holdings Channel reports. The firm owned 1,385,321 shares of the financial services provider’s stock after selling 80,126 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Bank of America were worth $75,403,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Legal & General Group Plc bought a new stake in Bank of America in the second quarter valued at approximately $2,571,060,000. Deutsche Bank AG bought a new position in shares of Bank of America during the second quarter worth $2,359,172,000. Bank of New York Mellon Corp bought a new position in shares of Bank of America during the second quarter worth $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Bank of America in the 2nd quarter valued at $939,807,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Bank of America in the 2nd quarter valued at $916,398,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on BAC. HSBC began coverage on Bank of America in a research note on Monday, September 28th. They set a “buy” rating and a $65.00 price objective on the stock. Evercore set a $62.00 target price on Bank of America in a research note on Thursday, October 1st. Keefe, Bruyette & Woods decreased their target price on Bank of America from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Thursday, October 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Monday. Finally, JPMorgan Chase & Co. lowered their price target on Bank of America from $68.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Twenty research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $62.52.

View Our Latest Stock Report on Bank of America

More Bank of America News

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

Positive Sentiment: Analysts at Morgan Stanley reportedly believe much of the regulatory and earnings-related bad news may already be reflected in the share price, arguing that BAC could have meaningful upside if its operating performance improves. Bank of America’s bad news may not be what investors think
Positive Sentiment: Bank of America has reduced its share count by nearly one-third over the past decade, highlighting a long-term capital-allocation benefit for remaining shareholders. Bank of America Has Cut Its Share Count by Nearly a Third in 10 Years
Positive Sentiment: Bank of America analysts continue to see a case for an October Federal Reserve rate hike, which could support bank net-interest income if higher rates persist. Why BofA still sees an October Fed rate hike

Bank of America Trading Down 1.7%

NYSE BAC opened at $50.38 on Tuesday. The stock has a market capitalization of $352.26 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 0.87 and a beta of 1.21. The stock’s 50 day moving average price is $58.78 and its two-hundred day moving average price is $56.76. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results 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 business 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 firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period last year, the business posted $1.06 EPS. As a group, analysts anticipate that Bank of America Corporation will post 4.54 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 30.40%.

About Bank of America

(Free Report)

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.