Summit Securities Group LLC Decreases Position in Bank of America Corporation $BAC

Key Points

• Summit Securities Group cut its Bank of America stake by 98.6% in the first quarter, selling 75,186 shares and leaving it with 1,091 shares worth about $53,000.
• Other institutional investors were mixed, but hedge funds and institutions still own 70.71% of Bank of America’s stock, showing continued broad ownership despite some trimming.
• Wall Street remains largely constructive on BAC: analysts have a Moderate Buy consensus with an average price target of $62.19, while the company recently beat quarterly earnings expectations and maintained a 1.9% dividend yield.

Summit Securities Group LLC decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 98.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,091 shares of the financial services provider's stock after selling 75,186 shares during the period. Summit Securities Group LLC's holdings in Bank of America were worth $53,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of BAC. Range Financial Group LLC boosted its stake in shares of Bank of America by 5.0% in the 1st quarter. Range Financial Group LLC now owns 9,204 shares of the financial services provider's stock valued at $449,000 after buying an additional 436 shares during the period. Main Street Research LLC grew its position in shares of Bank of America by 7.4% during the first quarter. Main Street Research LLC now owns 11,943 shares of the financial services provider's stock worth $582,000 after buying an additional 825 shares in the last quarter. Mosaic Family Wealth Partners LLC grew its position in shares of Bank of America by 0.5% during the first quarter. Mosaic Family Wealth Partners LLC now owns 39,730 shares of the financial services provider's stock worth $1,937,000 after buying an additional 195 shares in the last quarter. Money Concepts Capital Corp increased its stake in shares of Bank of America by 65.2% during the first quarter. Money Concepts Capital Corp now owns 8,199 shares of the financial services provider's stock worth $400,000 after buying an additional 3,235 shares during the period. Finally, Griffith & Werner Inc. increased its stake in shares of Bank of America by 10.2% during the first quarter. Griffith & Werner Inc. now owns 128,959 shares of the financial services provider's stock worth $6,287,000 after buying an additional 11,922 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Autonomous Res decreased their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Monday, April 6th. Jefferies Financial Group increased their price objective on shares of Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Argus boosted their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. 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 data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average price target of $62.19.

Insider Activity

In other 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 transaction of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.27% 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 consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Bank of America Stock Up 0.7%

BAC traded up $0.42 on Friday, reaching $59.67. The company's stock had a trading volume of 21,908,911 shares, compared to its average volume of 32,415,350. The company has a market capitalization of $423.49 billion, a price-to-earnings ratio of 14.77, a P/E/G ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $60.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a 50 day moving average of $54.50 and a two-hundred day moving average of $52.98.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the company earned $0.90 earnings per share. As a group, analysts forecast that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

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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