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

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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at $29,000. Vega Investment Solutions purchased a new stake in Bank of America in the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the fourth quarter worth $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America during the fourth quarter valued at about $34,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.4%

Bank of America stock opened at $44.22 on Wednesday. The firm has a market cap of $333.08 billion, a PE ratio of 13.16, a P/E/G ratio of 1.20 and a beta of 1.30. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08. The stock’s 50 day simple moving average is $41.83 and its two-hundred day simple moving average is $43.34. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

Several research analysts recently commented on BAC shares. Citigroup reduced their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Royal Bank Of Canada lowered their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Finally, Piper Sandler lowered their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

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.