Cowa LLC Has $1.05 Million Stock Position in Bank of America Corporation $BAC

Cowa LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 32.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,398 shares of the financial services provider’s stock after selling 9,880 shares during the quarter. Cowa LLC’s holdings in Bank of America were worth $1,052,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Shepherd Financial Partners LLC raised its holdings in Bank of America by 0.3% during the 3rd quarter. Shepherd Financial Partners LLC now owns 60,279 shares of the financial services provider’s stock worth $3,110,000 after purchasing an additional 189 shares during the last quarter. William B. Walkup & Associates Inc. boosted its stake in shares of Bank of America by 1.4% in the 3rd quarter. William B. Walkup & Associates Inc. now owns 14,020 shares of the financial services provider’s stock valued at $723,000 after purchasing an additional 192 shares during the last quarter. Albion Financial Group UT grew its position in shares of Bank of America by 1.6% during the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock worth $672,000 after buying an additional 205 shares during the period. Motive Wealth Advisors raised its stake in shares of Bank of America by 3.6% during the third quarter. Motive Wealth Advisors now owns 5,910 shares of the financial services provider’s stock worth $305,000 after buying an additional 205 shares during the last quarter. Finally, Howard Financial Services LTD. lifted its holdings in Bank of America by 2.5% in the third quarter. Howard Financial Services LTD. now owns 8,508 shares of the financial services provider’s stock valued at $439,000 after buying an additional 205 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is committing roughly $25 billion of its balance sheet to private-credit deals, a move that can boost fee income and lending yields as the bank leverages its scale to provide direct financing. This is a clear strategic push into higher-return, fee-generating activity. Read More.
• Positive Sentiment: Merrill (Bank of America’s wealth arm) launched the Direct Markets Group, a specialized trading desk for ultra-high-net-worth individuals and family offices ($50M+). That targets a lucrative client segment and could raise trading/commission revenues and client retention over time. Read More.
• Neutral Sentiment: Bank of America research continues to be active in the market (examples include published stock picks and analyst actions), which raises the firm’s profile but has limited direct impact on BAC’s own fundamentals. These notes can influence market perception but are not company earnings or capital events. Read More.

Bank of America Stock Down 3.8%

Shares of Bank of America stock opened at $51.04 on Tuesday. The firm has a market cap of $372.70 billion, a PE ratio of 13.33, a P/E/G ratio of 1.30 and a beta of 1.29. The business’s 50 day simple moving average is $54.21 and its 200 day simple moving average is $52.36. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $57.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $27.73 billion. During the same period last year, the business earned $0.82 EPS. The business’s quarterly revenue was up 12.3% on a year-over-year basis. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, March 6th. Bank of America’s dividend payout ratio is currently 29.24%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BAC. Oppenheimer upped their target price on shares of Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Wells Fargo & Company lifted their price objective on Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. The Goldman Sachs Group increased their target price on Bank of America from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, January 26th. TD Cowen decreased their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Finally, Truist Financial cut their price target on shares of Bank of America from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Twenty-two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $60.30.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.