Cwm LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 14.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 242,719 shares of the financial services provider’s stock after buying an additional 30,652 shares during the quarter. Cwm LLC’s holdings in Bank of America were worth $9,391,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Kathmere Capital Management LLC purchased a new position in Bank of America in the 3rd quarter worth about $31,000. Brinker Capital Investments LLC raised its position in Bank of America by 94.7% in the 3rd quarter. Brinker Capital Investments LLC now owns 122,401 shares of the financial services provider’s stock worth $2,949,000 after buying an additional 59,535 shares during the last quarter. Private Trust Co. NA raised its position in Bank of America by 3.9% in the 4th quarter. Private Trust Co. NA now owns 137,051 shares of the financial services provider’s stock worth $4,154,000 after buying an additional 5,127 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services bought a new stake in shares of Bank of America during the 4th quarter valued at about $364,000. Finally, Woodstock Corp grew its stake in shares of Bank of America by 4.6% during the 4th quarter. Woodstock Corp now owns 157,664 shares of the financial services provider’s stock valued at $4,779,000 after purchasing an additional 6,951 shares during the period. 68.10% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have issued reports on BAC. Daiwa Capital Markets began coverage on Bank of America in a research note on Wednesday, January 6th. They set a “neutral” rating and a $31.00 price target for the company. Piper Sandler boosted their price objective on Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, January 11th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $31.00 to $37.00 in a research note on Monday, January 11th. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of America from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, April 1st. Finally, Smith Barney Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Bank of America currently has an average rating of “Buy” and a consensus target price of $38.26.
Bank of America stock opened at $40.56 on Tuesday. The stock has a 50-day moving average of $39.07 and a two-hundred day moving average of $32.43. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87. Bank of America Co. has a one year low of $20.10 and a one year high of $41.13. The stock has a market cap of $349.92 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.21. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The firm had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.67 billion. During the same period last year, the business posted $0.40 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 1.84 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.78%. The ex-dividend date is Thursday, June 3rd. Bank of America’s dividend payout ratio is presently 24.49%.
Bank of America declared that its board has authorized a stock repurchase program on Tuesday, January 19th that permits the company to buyback $2.90 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 1% of its stock through open market purchases. Stock buyback programs are often an indication 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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