Souders Financial Advisors Has $1.07 Million Stock Holdings in Bank of America Corporation $BAC

Souders Financial Advisors decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 17.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,616 shares of the financial services provider’s stock after selling 4,801 shares during the quarter. Souders Financial Advisors’ holdings in Bank of America were worth $1,070,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares in the last quarter. Quaker Wealth Management LLC raised 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 last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC raised its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.44 on Thursday. The firm has a market cap of $382.94 billion, a PE ratio of 14.29, a PEG ratio of 1.99 and a beta of 1.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99. The company has a fifty day moving average price of $51.22 and a 200 day moving average price of $47.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the business posted $0.81 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on BAC. UBS Group upped their target price on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Citigroup upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Wolfe Research upped their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Argus upped their price objective on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Finally, HSBC upped their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

Bank of America Company 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.