Earned Wealth Advisors LLC Has $835,000 Stake in Bank of America Corporation $BAC

Earned Wealth Advisors LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 9.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,636 shares of the financial services provider’s stock after selling 1,936 shares during the quarter. Earned Wealth Advisors LLC’s holdings in Bank of America were worth $835,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BAC. Deutsche Bank AG lifted its position in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Unisphere Establishment boosted its stake in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Bank of America in the second quarter valued at approximately $164,623,000. Maverick Capital Ltd. bought a new position in Bank of America in the first quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB boosted its stake in Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.98 on Friday. The company has a fifty day moving average price of $50.95 and a 200 day moving average price of $46.84. The firm has a market cap of $392.40 billion, a PE ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33. 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 $53.44.

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

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Seaport Global Securities raised their price target on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Thursday. Phillip Securities lifted their price objective on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Finally, TD Cowen lifted their price objective on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.45.

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.