Earned Wealth Advisors LLC Grows Stock Holdings in Bank of America Corporation (NYSE:BAC)

Key Points

• Earned Wealth Advisors LLC increased its stake in Bank of America by 42.9%, bringing its total holdings to 19,572 shares valued at $817,000 as of the last reporting period.
• Bank of America plans to pay a quarterly dividend of $0.28 per share, marking an increase from the previous $0.26, and has also authorized a stock buyback program worth $40 billion.
• Analysts have recently adjusted their ratings on Bank of America, with Citigroup raising its target price from $50 to $54 and HSBC lowering its rating from "buy" to "hold." The stock currently has an average rating of "Moderate Buy".

Earned Wealth Advisors LLC boosted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 42.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 19,572 shares of the financial services provider's stock after acquiring an additional 5,877 shares during the period. Earned Wealth Advisors LLC's holdings in Bank of America were worth $817,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the period. Capital World Investors grew its stake in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Northern Trust Corp grew its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock valued at $2,521,218,000 after buying an additional 803,570 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Bank of America by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock valued at $1,981,816,000 after buying an additional 5,092,504 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on BAC shares. Citigroup boosted their price objective on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Keefe, Bruyette & Woods lowered their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Piper Sandler lowered their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Argus lowered their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, HSBC lowered shares of Bank of America from a "buy" rating to a "hold" rating and lifted their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $50.13.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated 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 completion of the sale, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock opened at $45.65 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $343.83 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.78 and a beta of 1.31. The company's fifty day moving average price is $46.27 and its two-hundred day moving average price is $43.79.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is presently 30.41%.

Bank of America announced that its board has authorized a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Bank of America 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.

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