Evelyn Partners Investment Management LLP Has $24.27 Million Stock Position in Bank of America Corporation $BAC

Evelyn Partners Investment Management LLP grew its position in Bank of America Corporation (NYSE:BAC) by 211,619.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 529,298 shares of the financial services provider’s stock after acquiring an additional 529,048 shares during the quarter. Bank of America accounts for about 1.1% of Evelyn Partners Investment Management LLP’s holdings, making the stock its 19th largest position. Evelyn Partners Investment Management LLP’s holdings in Bank of America were worth $24,268,000 at the end of the most recent reporting period.

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

Bank of America Trading Up 1.1%

Shares of BAC opened at $51.54 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. The company has a market cap of $376.37 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.99 and a beta of 1.34. The stock has a fifty day moving average price of $51.76 and a two-hundred day moving average price of $48.38. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. 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. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Argus upped their price target on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. TD Cowen lifted their price objective on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

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.