TRUE Private Wealth Advisors Acquires 4,518 Shares of Bank of America Corporation $BAC

TRUE Private Wealth Advisors grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 38.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,304 shares of the financial services provider’s stock after buying an additional 4,518 shares during the period. TRUE Private Wealth Advisors’ holdings in Bank of America were worth $772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Wealth Advisory Solutions LLC increased its holdings in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the last quarter. Ballast Advisors LLC increased its stake in Bank of America by 4.1% during the second 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 last quarter. Cyndeo Wealth Partners LLC raised its position in Bank of America by 0.8% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the period. Centurion Wealth Management LLC grew its holdings in shares of 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 worth $467,000 after purchasing an additional 225 shares during the last quarter. Finally, Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% in 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 during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Truist Financial lifted their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. HSBC raised their target price 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. Piper Sandler increased their price objective on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. The Goldman Sachs Group lowered their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Finally, Dbs Bank raised Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Stock Up 0.5%

BAC stock opened at $51.90 on Wednesday. The stock has a market capitalization of $379.01 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. 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 firm has a 50 day moving average of $51.70 and a 200 day moving average of $48.26.

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 for the quarter, beating 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 firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the company earned $0.81 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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 $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is presently 30.52%.

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

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.