Summit Global Investments Makes New $3.84 Million Investment in Bank of America Corporation $BAC

Key Points

• Summit Global Investments purchased 67,455 Bank of America shares worth approximately $3.84 million during the second quarter. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, exceeding estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion.
• The bank raised its quarterly dividend from $0.28 to $0.32 per share, representing an annualized dividend of $1.28 and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

Summit Global Investments purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 67,455 shares of the financial services provider's stock, valued at approximately $3,844,000.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in Bank of America during the 4th quarter worth $4,774,210,000. Capital International Investors bought a new position in Bank of America in the fourth quarter valued at about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. grew its holdings in shares of Bank of America by 914.5% during the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock worth $1,380,239,000 after purchasing an additional 22,621,546 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $64.24 on Wednesday. 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 Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The company has a 50 day simple moving average of $60.18 and a two-hundred day simple moving average of $54.49. The company has a market capitalization of $449.19 billion, a PE ratio of 14.73, a P/E/G ratio of 1.03 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter in the previous year, the company earned $0.89 EPS. The company's revenue for the quarter was up 19.6% on a year-over-year basis. Research analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current 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 paid a dividend of $0.32 per share. This is a boost from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is 25.69%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America is investing $1.9 billion for up to a 49.9% stake in Jio Credit, expanding its presence in India’s fast-growing financial-services market and creating potential long-term revenue growth. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s global fund-manager survey showed unusually strong optimism toward equities, with investors relatively unconcerned about higher rates, economic weakness, political instability and AI capital spending. This supports a constructive backdrop for large financial stocks. Fund managers have rarely been this bullish about stocks
• Positive Sentiment: Bank of America’s bullish calls on cybersecurity, AI infrastructure and memory-chip companies highlight its investment-banking and research exposure to areas attracting strong investor demand. The bank also sees gold reaching $5,000, reflecting active market opportunities for its clients. AI Agents Are Creating a New Cybersecurity Boom
• Neutral Sentiment: Strategists Michael Hartnett and other BofA analysts warned that record U.S. deficits, rising long-term yields and potential global stagflation make bonds less attractive. The outlook could support trading activity and net interest income, but it also raises risks for bond portfolios and the broader economy. With the national debt nearing $40 trillion
• Negative Sentiment: Bank of America cautioned that the AI boom’s heavy capital spending could create a less visible market vulnerability if expected returns fail to justify investments. That warning may weigh on sentiment toward banks exposed to technology financing and capital markets. Bank of America Has a Stark Warning on AI Spending
• Negative Sentiment: BAC is among six banks agreeing to an $86.4 million settlement over alleged Mexican bond-market manipulation. Although the cost is shared and appears manageable relative to BAC’s size, the matter adds regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

Analysts Set New Price Targets

Several research firms have recently issued reports on BAC. Truist Financial upped their price objective on Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Wells Fargo & Company lifted their target price on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Robert W. Baird boosted their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Morgan Stanley upped their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Finally, Citigroup raised their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $64.08.

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.

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