Bank of America Corporation $BAC Position Reduced by Midland Wealth Advisors LLC

Midland Wealth Advisors LLC trimmed its position in Bank of America Corporation (NYSE:BAC) by 12.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,516 shares of the financial services provider’s stock after selling 3,193 shares during the period. Midland Wealth Advisors LLC’s holdings in Bank of America were worth $1,113,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BAC. Quaker Wealth Management LLC boosted its stake 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 buying an additional 880 shares in the last quarter. 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 acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC boosted 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 purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter worth approximately $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $53.22 on Monday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $388.62 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The business has a fifty day simple moving average of $51.33 and a 200-day simple moving average of $47.63.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm 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 earned $0.81 EPS. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on BAC. Barclays increased their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Argus upped their price target on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Royal Bank Of Canada reissued an “outperform” rating on shares of Bank of America in a research note on Thursday. Daiwa Capital Markets boosted their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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.