CWA Asset Management Group LLC Buys 18,734 Shares of Bank of America Corporation (NYSE:BAC)

CWA Asset Management Group LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 15.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 142,038 shares of the financial services provider's stock after buying an additional 18,734 shares during the quarter. CWA Asset Management Group LLC's holdings in Bank of America were worth $5,927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of BAC. Brighton Jones LLC raised its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Bank of America by 243.1% in the 4th quarter. Van ECK Associates Corp now owns 65,991 shares of the financial services provider's stock worth $2,900,000 after buying an additional 46,760 shares during the period. Bank Pictet & Cie Europe AG increased its stake in shares of Bank of America by 35.7% in 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 acquiring an additional 226,246 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Bank of America by 38.1% during the 4th quarter. Venturi Wealth Management LLC now owns 26,643 shares of the financial services provider's stock valued at $1,171,000 after acquiring an additional 7,353 shares during the period. Finally, Mraz Amerine & Associates Inc. bought a new stake in Bank of America during the fourth quarter worth about $212,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BAC shares. Cfra Research lifted their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Evercore ISI lowered their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Citigroup reduced their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Finally, Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $47.69.

Bank of America Trading Down 0.4%

NYSE:BAC opened at $44.22 on Wednesday. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The business has a fifty day moving average price of $41.83 and a 200-day moving average price of $43.34. The firm has a market capitalization of $333.08 billion, a price-to-earnings ratio of 13.16, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. Bank of America's dividend payout ratio is presently 30.95%.

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.

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