CW Advisors LLC Purchases 33,257 Shares of Bank of America Corporation $BAC

Key Points

• CW Advisors LLC increased its stake in Bank of America Corporation by 31.2%, purchasing an additional 33,257 shares, bringing its total holdings to 139,948 shares valued at approximately $5.87 million.
• Bank of America announced a quarterly dividend increase from $0.26 to $0.28 per share, representing a yearly yield of 2.3%.
• The company has launched a share repurchase plan, authorizing up to $40 billion worth of shares, indicating management's belief that the stock is currently undervalued.

CW Advisors LLC grew its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 31.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 139,948 shares of the financial services provider's stock after buying an additional 33,257 shares during the period. CW Advisors LLC's holdings in Bank of America were worth $5,865,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Hancock Whitney Corp boosted its stake in Bank of America by 0.3% in the 4th quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider's stock worth $3,920,000 after purchasing an additional 260 shares during the period. Voya Financial Advisors Inc. boosted its stake in Bank of America by 0.9% in the 4th quarter. Voya Financial Advisors Inc. now owns 28,423 shares of the financial services provider's stock worth $1,248,000 after purchasing an additional 263 shares during the period. Finally, Hayek Kallen Investment Management grew its holdings in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after buying an additional 233 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BAC shares. Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and raised their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. Truist Financial upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. The Goldman Sachs Group increased their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $50.13.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Bank of America Trading Up 2.5%

NYSE BAC opened at $49.4850 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock's 50-day simple moving average is $47.06 and its two-hundred day simple moving average is $43.86. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.66. The company has a market capitalization of $366.53 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.87 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company's revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.83 EPS. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is 30.41%.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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