Mission Wealth Management LP Sells 2,124 Shares of Bank of America Corporation $BAC

Mission Wealth Management LP reduced its stake in Bank of America Corporation (NYSE:BAC) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 153,444 shares of the financial services provider’s stock after selling 2,124 shares during the period. Mission Wealth Management LP’s holdings in Bank of America were worth $7,261,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in BAC. Nova Wealth Management Inc. boosted 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 valued at $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC raised its position in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC raised its position in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in Bank of America during the second quarter valued at approximately $33,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company boosted their price objective on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Thursday. Morgan Stanley boosted their price objective on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Stock Up 1.0%

Shares of NYSE:BAC opened at $53.55 on Friday. The company has a fifty day moving average of $51.03 and a 200-day moving average of $47.02. The company has a market capitalization of $396.63 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. 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 52-week low of $33.06 and a 52-week high of $53.64.

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, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America announced that its board has authorized a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is 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.