Cowa LLC Sells 9,880 Shares of Bank of America Corporation $BAC

Cowa LLC reduced its holdings in Bank of America Corporation (NYSE:BAC) by 32.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,398 shares of the financial services provider’s stock after selling 9,880 shares during the period. Cowa LLC’s holdings in Bank of America were worth $1,052,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% during the 2nd 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 last quarter. Steph & Co. raised its position in shares of Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after buying an additional 379 shares during the last quarter. Marquette Asset Management LLC bought a new stake in shares of Bank of America in the third quarter valued at about $30,000. Collier Financial acquired a new stake in Bank of America during the third quarter worth about $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new position in Bank of America during the third quarter valued at about $31,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 3.8%

Shares of BAC opened at $51.04 on Tuesday. The company has a market capitalization of $372.70 billion, a P/E ratio of 13.33, a PEG ratio of 1.30 and a beta of 1.29. Bank of America Corporation has a one year low of $33.06 and a one year high of $57.55. The business’s 50 day simple moving average is $54.21 and its 200-day simple moving average is $52.36. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same quarter in the previous year, the firm earned $0.82 earnings per share. The business’s revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is presently 29.24%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Morgan Stanley reduced their target price on Bank of America from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Piper Sandler lifted their price target on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, January 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, January 27th. Finally, Royal Bank Of Canada lifted their target price on shares of Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $60.30.

Bank of America News Roundup

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is committing roughly $25 billion of its balance sheet to private-credit deals, a move that can boost fee income and lending yields as the bank leverages its scale to provide direct financing. This is a clear strategic push into higher-return, fee-generating activity. Read More.
• Positive Sentiment: Merrill (Bank of America’s wealth arm) launched the Direct Markets Group, a specialized trading desk for ultra-high-net-worth individuals and family offices ($50M+). That targets a lucrative client segment and could raise trading/commission revenues and client retention over time. Read More.
• Neutral Sentiment: Bank of America research continues to be active in the market (examples include published stock picks and analyst actions), which raises the firm’s profile but has limited direct impact on BAC’s own fundamentals. These notes can influence market perception but are not company earnings or capital events. Read More.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.