CW Advisors LLC Has $9.19 Million Position in Bank of America Corporation $BAC

CW Advisors LLC lifted its stake in Bank of America Corporation (NYSE:BAC) by 38.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 194,244 shares of the financial services provider’s stock after buying an additional 54,296 shares during the period. CW Advisors LLC’s holdings in Bank of America were worth $9,192,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC increased its position in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the period. Disciplined Investments LLC acquired a new position in Bank of America during the 2nd quarter valued at about $217,000. Sunbeam Capital Management LLC grew its position in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the period. CCG Wealth Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $287,000. Finally, Community Financial Services Group LLC raised its stake in shares of Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock worth $8,000,000 after buying an additional 5,787 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on BAC shares. The Goldman Sachs Group lowered their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Wells Fargo & Company raised their target price on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, Citigroup upped their price target on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $57.77.

Bank of America Price Performance

Shares of BAC opened at $54.09 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a 50 day simple moving average of $52.04 and a 200 day simple moving average of $49.02. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69. The firm has a market capitalization of $394.99 billion, a PE ratio of 14.74 and a beta of 1.30.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 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%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend 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.