Summit Wealth Group LLC Co. Sells 27,732 Shares of Bank of America Corporation $BAC

Summit Wealth Group LLC Co. lessened its stake in Bank of America Corporation (NYSE:BAC) by 82.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,965 shares of the financial services provider’s stock after selling 27,732 shares during the period. Summit Wealth Group LLC Co.’s holdings in Bank of America were worth $328,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at about $27,000. Legacy Bridge LLC lifted its stake in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the period. Collier Financial acquired a new position in shares of Bank of America in the 3rd quarter valued at about $30,000. Mountain Hill Investment Partners Corp. acquired a new position in shares of Bank of America in the 3rd quarter valued at about $31,000. Finally, Joseph Group Capital Management acquired a new position in shares of Bank of America in the 4th quarter valued at about $32,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. JPMorgan Chase & Co. dropped their price objective on 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. TD Cowen dropped their price objective on Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. Finally, The Goldman Sachs Group boosted their price objective on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Stock Performance

Shares of BAC opened at $49.83 on Thursday. 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 stock has a 50 day moving average price of $50.42 and a two-hundred day moving average price of $52.48. The firm has a market capitalization of $353.65 billion, a P/E ratio of 12.34, a P/E/G ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 52 week low of $42.35 and a 52 week high of $57.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. Equities analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is currently 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 own analysts upgraded Akamai Technologies to Buy, highlighting a broader shift toward viewing network and infrastructure names as AI beneficiaries; that reinforces BofA’s role as an active and influential deal/rating house in AI-linked stocks. Akamai Technologies upgraded by Bank of America on AI infrastructure shift
• Positive Sentiment: Bank of America is also being portrayed as an AI-era winner itself, with coverage noting branch expansion plus AI tools could help deepen customer relationships, support deposit growth, and strengthen its hybrid banking model. Can Branch Expansion Give Bank of America an Edge in the AI Era?
• Positive Sentiment: News that Bank of America joined LTX as a fully integrated liquidity provider on an AI-powered corporate bond trading platform highlights continued investment in electronic trading and fixed-income technology, which could improve efficiency and market share over time. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Positive Sentiment: Industry data showed large U.S. banks, including Bank of America, led record share repurchases in the first quarter, which supports per-share earnings and signals strong capital generation. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Neutral Sentiment: Seeking Alpha’s “Undercovered Dozen” piece included Bank of America among lesser-covered stocks, but it does not appear to introduce a major new catalyst by itself. Undercovered Dozen: Bank Of America, Plug Power, Dycom And More
• Negative Sentiment: BofA Securities settled an insider-trading-related case with India’s Sebi, a headline that may create some reputational noise, though the financial penalty was relatively small. BofA Securities settles insider trading case with Sebi

Insider Buying and Selling

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company’s stock.

Bank of America Company 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.