6,758 Shares in Bank of America Co. (NYSE:BAC) Acquired by Tcwp LLC

Tcwp LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,758 shares of the financial services provider’s stock, valued at approximately $278,000.

Several other large investors also recently bought and sold shares of the company. Bromfield Sneider Wealth Advisors acquired a new position in Bank of America in the 1st quarter worth $26,000. Corbenic Partners LLC lifted its stake in shares of Bank of America by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 422 shares in the last quarter. Bivin & Associates Inc. purchased a new position in Bank of America in the fourth quarter valued at about $28,000. Reitz Capital Advisors LLC acquired a new stake in Bank of America during the 1st quarter valued at approximately $38,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in Bank of America during the 1st quarter worth approximately $38,000. Institutional investors and hedge funds own 70.46% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $36.64 on Wednesday. The firm’s 50 day moving average is $32.92 and its two-hundred day moving average is $37.94. The firm has a market capitalization of $294.41 billion, a P/E ratio of 11.45, a PEG ratio of 1.62 and a beta of 1.39. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 52 week low of $29.67 and a 52 week high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.02). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The business had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. During the same quarter in the prior year, the business earned $1.03 earnings per share. The firm’s revenue was up 5.7% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 1st. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s dividend payout ratio is currently 26.25%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Citigroup decreased their price target on shares of Bank of America from $47.00 to $40.00 in a research report on Tuesday, July 12th. Jefferies Financial Group dropped their target price on shares of Bank of America from $43.00 to $33.00 in a research report on Monday, July 11th. The Goldman Sachs Group reduced their price target on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday, April 20th. Wells Fargo & Company lowered their price objective on Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Finally, Royal Bank of Canada reduced their target price on Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $46.66.

About Bank of America

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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