Midland Wealth Advisors LLC Has $1.11 Million Holdings in Bank of America Corporation $BAC

Midland Wealth Advisors LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 12.0% in the 2nd quarter, Holdings Channel reports. The institutional investor 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 large investors have also made changes to their positions in BAC. Wealth Advisory Solutions LLC lifted its stake in 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 valued at $243,000 after acquiring an additional 214 shares during the last quarter. Ballast Advisors LLC raised its holdings in shares of Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its stake in shares of 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 valued at $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC boosted its holdings in 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 in the last quarter. Finally, Nova Wealth Management Inc. increased its position in Bank of America by 75.2% during the second 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 last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wells Fargo & Company boosted their price target on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 target price (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday. Evercore ISI lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Finally, Robert W. Baird boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Stock Down 0.1%

Shares of BAC 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 firm 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 stock has a 50 day moving average of $51.33 and a 200-day 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. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.81 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

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.