Western Wealth Management LLC Has $4.27 Million Stock Position in Bank of America Corporation $BAC

Western Wealth Management LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,319 shares of the financial services provider’s stock after purchasing an additional 5,196 shares during the quarter. Western Wealth Management LLC’s holdings in Bank of America were worth $4,274,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Boston Common Asset Management LLC grew its position in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at about $217,000. Nicholas Hoffman & Company LLC. grew its holdings in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC increased its position in shares of Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in Bank of America in the second quarter valued at approximately $287,000. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. TD Cowen boosted their price target on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. UBS Group upped their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Truist Financial upped their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Evercore ISI increased their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Price Performance

Shares of Bank of America stock opened at $52.57 on Friday. The firm has a market cap of $383.88 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company’s fifty day simple moving average is $51.63 and its two-hundred day simple moving average is $48.05. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period last year, the firm earned $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is 30.52%.

Bank of America announced that its board has approved a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs 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.