Summit Global Investments Grows Holdings in Bank of America Corporation $BAC

Key Points

• Summit Global Investments increased its stake in Bank of America by 34.8% in the first quarter, buying 16,784 additional shares and bringing its total holding to 65,032 shares worth about $3.17 million.
• Bank of America’s latest quarterly results were solid, with EPS of $1.21 beating estimates and revenue up 19.6% year over year. The company also continued returning capital to shareholders with a $0.28 quarterly dividend, or $1.12 annualized.
• Analyst sentiment remains broadly positive: several firms raised price targets, and the stock has a consensus rating of Moderate Buy with an average target price of $63.77.

Summit Global Investments lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 34.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,032 shares of the financial services provider's stock after buying an additional 16,784 shares during the quarter. Summit Global Investments' holdings in Bank of America were worth $3,170,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BAC. Abound Financial LLC purchased a new position in Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $27,000. Legacy Bridge LLC increased its stake in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares during the last quarter. CrossGen Wealth LLC purchased a new position in shares of Bank of America during the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s analysts are still finding opportunities across financials and related sectors, with recent notes highlighting attractive valuations, net interest margin upside at regional banks, and other potential buying opportunities. That reinforces a constructive view on BAC and the broader bank group. Article: Citizens Financial Group: Buy Rating Backed by Attractive Valuation, Above-Peer Growth and Net Interest Margin Upside
• Positive Sentiment: Bank of America is also leaning into growth areas like AI and digital assets, promoting executives to lead its AI transformation and crypto efforts. Investors may see that as evidence the bank is investing for long-term efficiency and new revenue streams. Article: Bank of America Promotes Execs to Champion AI and Crypto
• Neutral Sentiment: Several headlines reflect broad market and macro themes, including inflation expectations, Fed policy debates, and bank earnings commentary. These are more relevant to sector sentiment than to a direct BAC-specific catalyst. Article: Bond Traders Take Warsh at Word, See Inflation Fight Continuing
• Neutral Sentiment: Bank of America’s own recent dividend declarations on preferred shares are routine capital-return updates and are unlikely to move the common stock meaningfully on their own. Article: Bank of America Corporation 5.375 DEP PFD KK declares $0.3359 dividend
• Negative Sentiment: Macro uncertainty around Fed policy and inflation could keep pressure on bank valuation multiples if rate-cut expectations fade or markets price in a more restrictive policy path. That is a risk for BAC even if its fundamentals remain solid. Article: Could Warsh Break a 56-Year Fed Rate-Hike Streak?

Bank of America Trading Down 1.4%

Shares of BAC opened at $60.41 on Tuesday. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.12. The stock's 50-day moving average is $55.50 and its two-hundred day moving average is $53.17. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market cap of $428.70 billion, a PE ratio of 13.86, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.89 earnings per share. Equities analysts forecast that Bank of America Corporation will post 4.64 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's payout ratio is presently 25.69%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BAC shares. Daiwa Securities Group upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Evercore set a $63.00 price objective on Bank of America and gave the stock an "outperform" rating in a report on Monday, July 6th. Robert W. Baird boosted their price target 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. Argus set a $70.00 price target on Bank of America in a research note on Wednesday, July 15th. Finally, Truist Financial boosted their target price on Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $63.77.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.27% of the company's stock.

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.

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.