Johnson Investment Counsel Inc. Sells 12,692 Shares of Bank of America Corporation $BAC

Johnson Investment Counsel Inc. trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 5.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 211,652 shares of the financial services provider's stock after selling 12,692 shares during the period. Johnson Investment Counsel Inc.'s holdings in Bank of America were worth $12,060,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in BAC. Abound Financial LLC bought a new position in shares of Bank of America in the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America during the third quarter valued at approximately $27,000. CrossGen Wealth LLC bought a new stake in Bank of America during the fourth quarter valued at approximately $30,000. Joseph Group Capital Management purchased a new stake in Bank of America during the fourth quarter valued at approximately $32,000. Finally, Vermillion Wealth Management Inc. increased its holdings in Bank of America by 199.1% during the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock valued at $32,000 after buying an additional 438 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on BAC shares. Oppenheimer downgraded shares of Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Daiwa Securities Group boosted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. UBS Group raised their target price on Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. 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, the stock presently has an average rating of "Moderate Buy" and an average price target of $64.08.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America agreed to acquire up to a 49.9% stake in India’s Jio Credit for approximately $1.9 billion. The partnership could give BAC access to Jio Financial Services’ large digital distribution network and expand its presence in India’s rapidly growing consumer-credit market. Bank of America to acquire 49.9% of India’s Jio Credit
• Positive Sentiment: An analyst boosted Bank of America’s fiscal 2026 EPS estimate, adding to the positive earnings outlook after the company recently exceeded quarterly EPS and revenue expectations. Revenue also grew 19.6% year over year in the latest reported quarter. FY2026 EPS Estimate for Bank of America Boosted by Analyst
• Positive Sentiment: One valuation analysis characterized BAC as still undervalued despite a roughly 139% three-year gain, citing earnings-based multiples and an intrinsic-value model. That view may support continued investor interest in the shares. Bank of America Stock Still Looks Like a Bargain
• Neutral Sentiment: Bank of America’s research teams remain active across artificial intelligence, biotechnology, retail and other sectors. The coverage—including bullish views on AI-related stocks—may reinforce the firm’s investment-banking and research profile, but it is not a direct change to BAC’s earnings outlook. 16 beaten-down AI stocks that are beloved by BofA analysts
• Neutral Sentiment: A Bank of America strategist continues to forecast three Federal Reserve rate hikes, arguing that inflation-related tightening is incomplete. Persistently firm rates could support lending margins, but they may also slow credit demand and increase economic or credit-quality risks. BofA Exec Still Calls For 3 Fed Rate Hikes
• Negative Sentiment: BAC’s shares have risen sharply and now trade close to their annual high, making future gains more dependent on earnings growth and successful execution of initiatives such as the Jio Credit investment. The elevated valuation increases the risk of profit-taking if results or guidance disappoint.

Bank of America Stock Performance

BAC opened at $64.45 on Monday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $450.72 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 1.03 and a beta of 1.17. The company has a fifty day moving average of $59.77 and a 200 day moving average of $54.32. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.20.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping 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 $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter in the previous year, the company earned $0.89 EPS. The business's quarterly revenue was up 19.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a $0.32 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio (DPR) is presently 25.69%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source