Spartan Planning & Wealth Management Takes Position in Bank of America Corporation $BAC

Key Points

• Spartan Planning & Wealth Management acquired 11,599 Bank of America shares worth approximately $661,000 in the second quarter. Institutional investors collectively own 70.71% of BAC.
• Analysts maintain a favorable outlook, with 21 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $64.08; several firms recently raised their targets.
• Bank of America exceeded quarterly earnings and revenue expectations, while revenue rose 19.6% year over year. The company also increased its quarterly dividend to $0.32, or $1.28 annually, representing a 2.0% yield.

Spartan Planning & Wealth Management bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 11,599 shares of the financial services provider's stock, valued at approximately $661,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Abound Financial LLC purchased a new position in shares of Bank of America during the 4th quarter worth about $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America in the third quarter worth about $27,000. CrossGen Wealth LLC bought a new stake in Bank of America in the fourth quarter worth about $30,000. Joseph Group Capital Management purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $32,000. Finally, Vermillion Wealth Management Inc. grew its stake in shares of 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. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BAC shares. Daiwa Securities Group raised 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 upped their price objective on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Finally, Barclays raised their price target on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $64.08.

Key Headlines 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 Price Performance

BAC opened at $64.45 on Friday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.20. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The business's fifty day simple moving average is $59.77 and its 200-day simple moving average is $54.30. The company 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.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. The firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm's quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. This is an increase from Bank of America's previous quarterly dividend of $0.28. 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.

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