Summit Wealth Partners LLC Takes $926,000 Position in Bank of America Corporation $BAC

Summit Wealth Partners LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 18,999 shares of the financial services provider’s stock, valued at approximately $926,000.

A number of other institutional investors also recently bought and sold shares of BAC. Norges Bank bought a new stake in Bank of America during the 4th quarter valued at approximately $4,774,210,000. Capital International Investors bought a new position in shares of Bank of America in the 4th quarter worth approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Bank of America by 640.5% in 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 worth $2,399,798,000 after acquiring an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Bank of America by 3.7% in 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 purchasing an additional 23,351,183 shares during the period. Finally, Cardano Risk Management B.V. boosted its position in shares of Bank of America by 914.5% during the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after purchasing an additional 22,621,546 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BAC shares. HSBC raised their price objective on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Daiwa Securities Group increased their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Morgan Stanley lowered their price target on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Argus boosted their price objective on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Jefferies Financial Group upped their price objective on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Trading Up 2.1%

Bank of America stock opened at $57.37 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The business’s fifty day simple moving average is $53.00 and its two-hundred day simple moving average is $52.56. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $57.98. The company has a market capitalization of $407.10 billion, a price-to-earnings ratio of 14.20, a price-to-earnings-growth ratio of 0.95 and a beta of 1.18.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s economists now expect three Fed rate hikes in 2026 and no cuts until 2028, a more hawkish outlook that could support bank lending margins and interest income.
• Positive Sentiment: Several articles highlighted BAC as a top financial stock and a long-term Berkshire Hathaway holding, reinforcing investor confidence in the franchise and its valuation appeal.
• Neutral Sentiment: A Zacks note said BAC looks inexpensive versus peers, but also flagged rising costs and a mixed earnings outlook, making the valuation case less clear in the near term. Article Title
• Neutral Sentiment: Another piece quoted BofA strategist Savita Subramanian on market opportunities and earnings momentum, but it was mainly a broader market commentary rather than a direct catalyst for BAC. Article Title

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

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.