Summit Global Investments Boosts Stock Position in Bank of America Corporation $BAC

Summit Global Investments raised its holdings in Bank of America Corporation (NYSE:BAC) by 34.8% during the first quarter, HoldingsChannel.com reports. The firm owned 65,032 shares of the financial services provider’s stock after buying an additional 16,784 shares during the period. Summit Global Investments’ holdings in Bank of America were worth $3,170,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Norges Bank bought a new stake in shares of Bank of America in the fourth quarter worth $4,774,210,000. Capital International Investors acquired a new stake in Bank of America in the fourth quarter valued at $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after acquiring an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. boosted its stake in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. grew its holdings in Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after acquiring an additional 22,621,546 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, July 6th. Daiwa Securities Group lifted their price target on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Robert W. Baird boosted their price objective on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, Wells Fargo & Company upped their price objective on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $63.77.

Bank of America Stock Down 1.4%

Shares of NYSE:BAC opened at $60.41 on Tuesday. The stock has a market capitalization of $428.70 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.12. The company’s fifty day moving average is $55.50 and its two-hundred day moving average is $53.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same period in the previous year, the business posted $0.89 EPS. The company’s quarterly revenue was up 19.6% on a year-over-year basis. Equities analysts anticipate that Bank of America Corporation will post 4.64 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s analysts are still finding opportunities across financials and related sectors, with recent notes highlighting attractive valuations, net interest margin upside at regional banks, and other potential buying opportunities. That reinforces a constructive view on BAC and the broader bank group. Article: Citizens Financial Group: Buy Rating Backed by Attractive Valuation, Above-Peer Growth and Net Interest Margin Upside
• Positive Sentiment: Bank of America is also leaning into growth areas like AI and digital assets, promoting executives to lead its AI transformation and crypto efforts. Investors may see that as evidence the bank is investing for long-term efficiency and new revenue streams. Article: Bank of America Promotes Execs to Champion AI and Crypto
• Neutral Sentiment: Several headlines reflect broad market and macro themes, including inflation expectations, Fed policy debates, and bank earnings commentary. These are more relevant to sector sentiment than to a direct BAC-specific catalyst. Article: Bond Traders Take Warsh at Word, See Inflation Fight Continuing
• Neutral Sentiment: Bank of America’s own recent dividend declarations on preferred shares are routine capital-return updates and are unlikely to move the common stock meaningfully on their own. Article: Bank of America Corporation 5.375 DEP PFD KK declares $0.3359 dividend
• Negative Sentiment: Macro uncertainty around Fed policy and inflation could keep pressure on bank valuation multiples if rate-cut expectations fade or markets price in a more restrictive policy path. That is a risk for BAC even if its fundamentals remain solid. Article: Could Warsh Break a 56-Year Fed Rate-Hike Streak?

About Bank of America

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.