Ethos Financial Group LLC Lowers Stake in Bank of America Corporation $BAC

Ethos Financial Group LLC decreased its position in Bank of America Corporation (NYSE:BAC) by 52.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,150 shares of the financial services provider’s stock after selling 25,448 shares during the quarter. Ethos Financial Group LLC’s holdings in Bank of America were worth $1,095,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Wealth Advisory Solutions LLC boosted its stake in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the period. Ballast Advisors LLC increased its stake in Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after buying an additional 218 shares during the period. Cyndeo Wealth Partners LLC lifted its holdings in Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after buying an additional 221 shares in the last quarter. Centurion Wealth Management LLC boosted its position in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after buying an additional 225 shares during the period. Finally, Nova Wealth Management Inc. grew its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.8%

BAC opened at $53.38 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99. The company has a market cap of $389.81 billion, a P/E ratio of 14.54, a PEG ratio of 1.99 and a beta of 1.34. The business’s 50-day simple moving average is $51.28 and its 200-day simple moving average is $47.39.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 earnings per share. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently disclosed 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. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Evercore ISI increased their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Truist Financial boosted their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Citigroup upped their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.