Morling Financial Advisors LLC Sells 1,407 Shares of Bank of America Corporation $BAC

Morling Financial Advisors LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 18.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,414 shares of the financial services provider’s stock after selling 1,407 shares during the quarter. Morling Financial Advisors LLC’s holdings in Bank of America were worth $304,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Traub Capital Management LLC purchased a new position in Bank of America during the second quarter valued at $249,000. Perennial Investment Advisors LLC raised its position in shares of Bank of America by 2.8% in the 2nd quarter. Perennial Investment Advisors LLC now owns 26,275 shares of the financial services provider’s stock worth $1,243,000 after purchasing an additional 723 shares during the last quarter. Semus Wealth Partners LLC raised its position in shares of Bank of America by 8.8% in the 2nd quarter. Semus Wealth Partners LLC now owns 12,123 shares of the financial services provider’s stock worth $574,000 after purchasing an additional 979 shares during the last quarter. Bedell Frazier Investment Counselling LLC boosted its stake in Bank of America by 0.8% in the 2nd quarter. Bedell Frazier Investment Counselling LLC now owns 118,238 shares of the financial services provider’s stock worth $5,595,000 after purchasing an additional 885 shares in the last quarter. Finally, Portside Wealth Group LLC increased its position in shares of Bank of America by 12.8% during the second quarter. Portside Wealth Group LLC now owns 56,736 shares of the financial services provider’s stock valued at $2,685,000 after acquiring an additional 6,441 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wolfe Research increased their price objective on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Morgan Stanley lifted their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Argus increased their price objective on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Truist Financial raised their target price 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, Phillip Securities boosted their target price on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Stock Up 0.3%

NYSE BAC opened at $51.64 on Wednesday. The company has a market capitalization of $377.08 billion, a P/E ratio of 14.07, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The stock’s 50-day moving average price is $51.70 and its 200-day moving average price is $48.26. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Bank of America announced that its board has initiated a stock repurchase 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 buy up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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.