Evelyn Partners Investment Management Services Ltd Increases Position in Bank of America Corporation $BAC

Evelyn Partners Investment Management Services Ltd increased its holdings in Bank of America Corporation (NYSE:BAC) by 20,007.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,268 shares of the financial services provider’s stock after acquiring an additional 50,018 shares during the period. Evelyn Partners Investment Management Services Ltd’s holdings in Bank of America were worth $2,295,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Nova Wealth Management Inc. grew its position in Bank of America by 75.2% during 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 grew its position in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the period. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC raised its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new position in Bank of America in the second quarter valued at approximately $33,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $51.54 on Friday. The company’s 50 day simple moving average is $51.76 and its two-hundred day simple moving average is $48.38. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The stock has a market capitalization of $376.37 billion, a PE ratio of 14.04, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted 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 business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BAC shares. Truist Financial raised their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 price target (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Morgan Stanley boosted their price objective on Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Evercore ISI lifted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.