Summit Wealth Group LLC Co. Has $328,000 Stake in Bank of America Corporation $BAC

Key Points

• Summit Wealth Group slashed its Bank of America stake by 82.3% in the fourth quarter, ending with 5,965 shares valued at about $328,000.
• Institutional ownership remains high, with hedge funds and other institutions holding about 70.71% of Bank of America shares, while several other funds modestly increased their positions.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus estimates of $1.00 and revenue up 10.7% year over year; the company also announced a $0.28 quarterly dividend yielding about 2.2%.

Summit Wealth Group LLC Co. trimmed its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 82.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,965 shares of the financial services provider's stock after selling 27,732 shares during the period. Summit Wealth Group LLC Co.'s holdings in Bank of America were worth $328,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. DecisionMap Wealth Management LLC lifted its position in shares of Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after buying an additional 182 shares during the last quarter. Money Concepts Capital Corp lifted its holdings in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 182 shares during the last quarter. Holistic Financial Partners lifted its holdings in Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after purchasing an additional 183 shares during the last quarter. Asahi Life Asset Management CO. LTD. lifted its holdings in Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after purchasing an additional 187 shares during the last quarter. Finally, Riverview Capital Advisers LLC lifted its holdings in Bank of America by 4.2% during the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock worth $242,000 after purchasing an additional 188 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

More Bank of America News

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

• Positive Sentiment: Bank of America’s own analysts upgraded Akamai Technologies to Buy, highlighting a broader shift toward viewing network and infrastructure names as AI beneficiaries; that reinforces BofA’s role as an active and influential deal/rating house in AI-linked stocks. Akamai Technologies upgraded by Bank of America on AI infrastructure shift
• Positive Sentiment: Bank of America is also being portrayed as an AI-era winner itself, with coverage noting branch expansion plus AI tools could help deepen customer relationships, support deposit growth, and strengthen its hybrid banking model. Can Branch Expansion Give Bank of America an Edge in the AI Era?
• Positive Sentiment: News that Bank of America joined LTX as a fully integrated liquidity provider on an AI-powered corporate bond trading platform highlights continued investment in electronic trading and fixed-income technology, which could improve efficiency and market share over time. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Positive Sentiment: Industry data showed large U.S. banks, including Bank of America, led record share repurchases in the first quarter, which supports per-share earnings and signals strong capital generation. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Neutral Sentiment: Seeking Alpha’s “Undercovered Dozen” piece included Bank of America among lesser-covered stocks, but it does not appear to introduce a major new catalyst by itself. Undercovered Dozen: Bank Of America, Plug Power, Dycom And More
• Negative Sentiment: BofA Securities settled an insider-trading-related case with India’s Sebi, a headline that may create some reputational noise, though the financial penalty was relatively small. BofA Securities settles insider trading case with Sebi

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 83,832 shares of the business's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. The trade was a 21.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on 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 sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BAC. The Goldman Sachs Group lifted their price objective on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Daiwa Securities Group lifted their price target on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Erste Group Bank lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Trading Down 1.9%

Shares of BAC stock opened at $49.83 on Thursday. The firm has a market capitalization of $353.65 billion, a P/E ratio of 12.34, a P/E/G ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a twelve month low of $42.35 and a twelve month high of $57.55. 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's fifty day simple moving average is $50.42 and its 200 day simple moving average is $52.48.

Bank of America (NYSE:BAC - Get Free Report) last issued 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 business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS. As a group, sell-side analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America's payout ratio is currently 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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