Bank of America Co. (NYSE:BAC) Stock Holdings Lifted by RWA Wealth Partners LLC

RWA Wealth Partners LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 43.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 116,252 shares of the financial services provider’s stock after buying an additional 35,228 shares during the quarter. RWA Wealth Partners LLC’s holdings in Bank of America were worth $3,914,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of BAC. Summit Global Investments lifted its position in shares of Bank of America by 17.9% in the 3rd quarter. Summit Global Investments now owns 21,862 shares of the financial services provider’s stock worth $599,000 after buying an additional 3,312 shares during the last quarter. Naples Global Advisors LLC increased its holdings in shares of Bank of America by 9.0% in the 3rd quarter. Naples Global Advisors LLC now owns 28,086 shares of the financial services provider’s stock worth $769,000 after acquiring an additional 2,316 shares during the period. Onyx Bridge Wealth Group LLC increased its holdings in shares of Bank of America by 34.3% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 11,282 shares of the financial services provider’s stock worth $309,000 after acquiring an additional 2,879 shares during the period. Impact Partnership Wealth LLC increased its holdings in shares of Bank of America by 879.9% in the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 2,015 shares during the period. Finally, 1900 Wealth Management LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth about $402,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $37.73 on Tuesday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35. The firm has a market cap of $297.71 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 1.66 and a beta of 1.39. 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’s 50 day moving average is $35.77 and its 200-day moving average is $32.48.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday. Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. UBS Group restated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Jefferies Financial Group raised their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $38.53.

About Bank of America

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.