Summit Wealth Partners LLC Buys Shares of 18,999 Bank of America Corporation $BAC

Summit Wealth Partners LLC bought a new position in Bank of America Corporation (NYSE:BAC) in the first quarter, HoldingsChannel reports. The institutional investor bought 18,999 shares of the financial services provider’s stock, valued at approximately $926,000.

Several other hedge funds have also recently modified their holdings of BAC. Handelsbanken Fonder AB increased its holdings in Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after buying an additional 1,603,080 shares during the last quarter. Mufg Securities Americas Inc. boosted its stake in shares of Bank of America by 26.6% during the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock worth $10,262,000 after acquiring an additional 41,809 shares during the last quarter. B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Bank of America by 11.2% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock worth $34,974,000 after acquiring an additional 68,093 shares during the last quarter. Constant Guidance Financial LLC grew its position in shares of Bank of America by 603.4% during the 3rd quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider’s stock valued at $1,253,000 after acquiring an additional 20,831 shares during the period. Finally, Rafferty Asset Management LLC grew its position in shares of Bank of America by 4.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 2,267,830 shares of the financial services provider’s stock valued at $116,997,000 after acquiring an additional 88,991 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Key Bank of America News

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

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.27% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $57.37 on Tuesday. Bank of America Corporation has a one year low of $44.75 and a one year high of $57.98. The company’s fifty day moving average price is $53.00 and its 200-day moving average price is $52.56. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $407.10 billion, a PE 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 issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. HSBC boosted their price objective on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Argus lifted their price target on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Truist Financial upped their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Profile

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.