Spartan Wealth Advisory Services LLC Purchases Shares of 14,612 Bank of America Corporation $BAC

Key Points

• Spartan Wealth Advisory Services opened a new position in Bank of America, buying 14,612 shares valued at about $712,000 in the first quarter.
• Wall Street sentiment remains constructive overall: several analysts recently raised price targets or reiterated positive ratings, and MarketBeat shows a consensus rating of Moderate Buy with an average target price of $63.77.
• Bank of America’s recent quarterly results were solid, with EPS of $1.21 beating estimates and revenue up 19.6% year over year; the company also continues returning cash to shareholders through its dividend and preferred stock payouts.

Spartan Wealth Advisory Services LLC purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 14,612 shares of the financial services provider's stock, valued at approximately $712,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Abound Financial LLC acquired a new stake in Bank of America during the 4th quarter worth about $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America during the 3rd quarter valued at about $27,000. Legacy Bridge LLC increased its holdings in shares of Bank of America by 182.3% in the fourth 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. CrossGen Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at about $30,000. Finally, Joseph Group Capital Management purchased a new position in shares of Bank of America in the fourth quarter worth about $32,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BAC shares. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Autonomous Res cut their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Monday, April 6th. Truist Financial raised their price target on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $57.50 to $62.50 and gave the company an "overweight" rating in a report on Monday, July 6th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $63.77.

Key Bank of America News

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

• Positive Sentiment: Bank of America declared regular cash dividends on multiple preferred stock series, reinforcing its continued capital return to shareholders. Bank of America Declares Preferred Stock Dividends Payable in August and September 2026
• Positive Sentiment: Multiple firms lifted their outlooks on BAC, including higher earnings estimates for FY2026 and FY2027, suggesting improving expectations for profitability. Bank of America stock page
• Positive Sentiment: Bank of America’s recent Q2 results were broadly strong, with the company topping estimates and benefiting from robust trading and deal activity, which has helped support investor confidence in the stock. BofA rides market whiplash to trading records, deal activity shines
• Neutral Sentiment: Bank of America also announced internal AI leadership appointments to accelerate AI adoption in its global markets business, a strategic move that could improve efficiency over time but is not an immediate earnings driver. BofA names senior executives to drive AI adoption in global markets-memo

Bank of America Stock Performance

Shares of NYSE BAC opened at $61.18 on Monday. The company's fifty day moving average price is $55.30 and its 200 day moving average price is $53.13. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $62.12. The company has a market capitalization of $434.16 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

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 analysts' consensus estimates 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 company had revenue of $8.08 billion during the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter in the previous year, the company earned $0.89 earnings per share. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. On average, research analysts predict that Bank of America Corporation will post 4.64 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of America's dividend payout ratio (DPR) is 25.69%.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value 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. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

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.

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