Bank of America Corporation $BAC Stock Position Increased by CWA Asset Management Group LLC

Key Points

• CWA Asset Management Group increased its Bank of America position by 6.5% in the third quarter, adding 12,192 shares for a total of 198,389 shares valued at approximately $10.8 million.
• Bank of America has a “Moderate Buy” consensus rating from analysts, with an average price target of $62.52, despite several recent target reductions.
• The stock opened at $50.38 after the company reported quarterly EPS of $1.08, slightly below expectations, while revenue rose 3.2% year over year. Bank of America also raised its quarterly dividend to $0.32, representing a 2.5% yield.

CWA Asset Management Group LLC increased its position in Bank of America Corporation (NYSE:BAC) by 6.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 198,389 shares of the financial services provider's stock after purchasing an additional 12,192 shares during the period. CWA Asset Management Group LLC's holdings in Bank of America were worth $10,798,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Legal & General Group Plc purchased a new position in Bank of America during the 2nd quarter worth approximately $2,571,060,000. Deutsche Bank AG acquired a new position in Bank of America during the second quarter worth approximately $2,359,172,000. Bank of New York Mellon Corp purchased a new stake in Bank of America in the second quarter valued at approximately $2,313,953,000. Amundi lifted its stake in Bank of America by 12.5% in the first quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock valued at $2,066,274,000 after buying an additional 4,721,969 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Bank of America by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock valued at $1,517,599,000 after acquiring an additional 561,413 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Truist Financial lowered their target price on shares of Bank of America from $62.00 to $58.00 and set a "buy" rating on the stock in a research report on Thursday, October 15th. Wells Fargo & Company cut their target price on shares of Bank of America from $69.00 to $64.00 and set an "overweight" rating on the stock in a report on Thursday. HSBC initiated coverage on shares of Bank of America in a research report on Monday, September 28th. They issued a "buy" rating and a $65.00 price target for the company. Morgan Stanley decreased their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $62.52.

Bank of America Trading Down 1.7%

Shares of BAC stock opened at $50.38 on Tuesday. The business's 50 day moving average is $58.78 and its two-hundred day moving average is $56.76. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a market capitalization of $352.26 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The company had revenue of $29.96 billion for the quarter, compared to analysts' expectations of $30.58 billion. During the same quarter last year, the company earned $1.06 EPS. Bank of America's revenue for the quarter was up 3.2% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 4.54 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.5%. This is an increase from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is presently 30.40%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America has reduced its share count by nearly one-third over the past decade, supporting per-share value for continuing shareholders. A $10,000 investment made 10 years ago would reportedly be worth about $40,000 today. Bank of America share count article
• Positive Sentiment: Some analysts view the sell-off as an opportunity, arguing that BAC’s core profitability remains strong and that much of the regulatory damage may already be reflected in the stock. Morgan Stanley reportedly sees potential upside if execution improves. Bank of America upside analysis

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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