Ewa LLC Increases Position in Bank of America Corporation $BAC

Ewa LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 21.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,129 shares of the financial services provider’s stock after acquiring an additional 1,440 shares during the period. Ewa LLC’s holdings in Bank of America were worth $385,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Deutsche Bank AG boosted its holdings in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment boosted its holdings in Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Bank of America in the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. acquired a new position in Bank of America in the 1st quarter valued at about $152,098,000. Finally, Azora Capital LP boosted its holdings in Bank of America by 958.9% in the 1st quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock valued at $139,560,000 after purchasing an additional 3,028,530 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $50.67 on Thursday. The firm has a market cap of $375.29 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company’s 50 day moving average is $49.29 and its two-hundred day moving average is $45.13.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the business earned $0.83 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Morgan Stanley upped their price objective on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Royal Bank Of Canada upped their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday. Truist Financial upped their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.78.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.