RWA Wealth Partners LLC Boosts Stock Holdings in Bank of America Corporation $BAC

RWA Wealth Partners LLC lifted its position in Bank of America Corporation (NYSE:BAC) by 17.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 152,836 shares of the financial services provider’s stock after acquiring an additional 23,131 shares during the quarter. RWA Wealth Partners LLC’s holdings in Bank of America were worth $7,232,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Valued Wealth Advisors LLC lifted its position in shares of Bank of America by 135.2% during the 2nd quarter. Valued Wealth Advisors LLC now owns 1,336 shares of the financial services provider’s stock worth $63,000 after buying an additional 768 shares in the last quarter. AE Wealth Management LLC increased its position in shares of Bank of America by 8.9% during the second quarter. AE Wealth Management LLC now owns 861,335 shares of the financial services provider’s stock valued at $40,758,000 after acquiring an additional 70,109 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Bank of America during the second quarter worth $1,534,000. Marco Investment Management LLC lifted its holdings in Bank of America by 0.3% during the second quarter. Marco Investment Management LLC now owns 93,906 shares of the financial services provider’s stock worth $4,444,000 after acquiring an additional 237 shares during the period. Finally, Aspect Partners LLC boosted its position in Bank of America by 28.5% in the second quarter. Aspect Partners LLC now owns 1,235 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 274 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Daiwa Capital Markets raised their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Barclays boosted their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Truist Financial upped their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Stock Down 0.1%

Bank of America stock opened at $53.22 on Friday. The firm has a 50 day simple moving average of $51.33 and a 200 day simple moving average of $47.57. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99. The firm has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Bank of America Company Profile

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.