RWA Wealth Partners LLC Sells 9,306 Shares of Bank of America Corporation $BAC

Key Points

• RWA Wealth Partners LLC sold 9,306 shares of Bank of America Corporation ($BAC), reducing its position by 6.7% in the first quarter, leaving it with 129,705 shares valued at approximately $5.4 million.
• Bank of America reported Q2 earnings of $0.89 per share, exceeding consensus estimates, and announced a $40 billion stock buyback plan as well as an increase in its quarterly dividend from $0.26 to $0.28.
• Institutional investors now own 70.71% of Bank of America's stock, indicating significant confidence in the company's future, as reflected in recent target price adjustments by various analysts.

RWA Wealth Partners LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 129,705 shares of the financial services provider's stock after selling 9,306 shares during the period. RWA Wealth Partners LLC's holdings in Bank of America were worth $5,413,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Edgar Lomax Co. VA increased its stake in shares of Bank of America by 5,708.5% during the first quarter. Edgar Lomax Co. VA now owns 549,190 shares of the financial services provider's stock worth $22,918,000 after purchasing an additional 539,735 shares during the period. Aptus Capital Advisors LLC increased its stake in shares of Bank of America by 8.7% during the first quarter. Aptus Capital Advisors LLC now owns 706,563 shares of the financial services provider's stock worth $29,485,000 after purchasing an additional 56,788 shares during the period. Allen Wealth Management LLC increased its stake in shares of Bank of America by 24.5% during the first quarter. Allen Wealth Management LLC now owns 8,902 shares of the financial services provider's stock worth $371,000 after purchasing an additional 1,750 shares during the period. Aviso Financial Inc. increased its stake in shares of Bank of America by 3.1% during the first quarter. Aviso Financial Inc. now owns 44,432 shares of the financial services provider's stock worth $1,854,000 after purchasing an additional 1,344 shares during the period. Finally, Brooklyn Investment Group increased its stake in shares of Bank of America by 15.7% during the first quarter. Brooklyn Investment Group now owns 38,391 shares of the financial services provider's stock worth $1,602,000 after purchasing an additional 5,211 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 2.1%

Shares of BAC stock opened at $47.92 on Tuesday. The stock's fifty day moving average price is $46.75 and its two-hundred day moving average price is $43.76. The company has a market cap of $354.94 billion, a PE ratio of 14.01, a P/E/G ratio of 1.82 and a beta of 1.31. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

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

Bank of America announced that its board has authorized a stock buyback plan 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America's dividend payout ratio (DPR) is 32.75%.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Truist Financial increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Morgan Stanley increased their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Robert W. Baird reissued a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Finally, HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and increased their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.13.

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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