Ellevest Inc. Takes Position in Bank of America Corporation $BAC

Ellevest Inc. purchased a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,317 shares of the financial services provider’s stock, valued at approximately $204,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Nova Wealth Management Inc. boosted its position in shares of 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 purchasing an additional 227 shares in the last quarter. Quaker Wealth Management LLC lifted its stake in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC purchased a new stake in Bank of America during the second quarter worth about $28,000. CGC Financial Services LLC grew its position in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying 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 about $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.1%

BAC stock opened at $53.22 on Friday. 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 company has a market cap of $388.62 billion, a price-to-earnings ratio of 14.50, a PEG 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 $47.51. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.99.

Bank of America (NYSE:BAC) last issued its earnings results 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 return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 earnings per share. On average, equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Dividend Announcement

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

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. TD Cowen raised their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Argus increased their price objective on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Finally, Phillip Securities raised their target price on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.