CWS Financial Advisors LLC Buys Shares of 4,657 Bank of America Corporation $BAC

CWS Financial Advisors LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,657 shares of the financial services provider’s stock, valued at approximately $220,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wealth Advisory Solutions LLC lifted its position in shares of Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares during the last quarter. Ballast Advisors LLC raised its stake in shares of Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its position in Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after acquiring an additional 221 shares during the last quarter. Centurion Wealth Management LLC lifted its position in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the last quarter. Finally, Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.6%

Shares of BAC stock opened at $52.57 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.69. The firm has a market capitalization of $383.88 billion, a PE ratio of 14.32, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50-day simple moving average is $51.63 and its 200-day simple moving average is $47.99.

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

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Truist Financial boosted their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Daiwa Capital Markets increased their price target on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Phillip Securities raised their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Finally, Robert W. Baird upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

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.