BW Gestao de Investimentos Ltda. Invests $17.87 Million in Bank of America Corporation $BAC

BW Gestao de Investimentos Ltda. acquired a new stake in Bank of America Corporation (NYSE:BAC) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 324,823 shares of the financial services provider’s stock, valued at approximately $17,865,000.

A number of other large investors also recently modified their holdings of BAC. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter valued at approximately $27,000. Legacy Bridge LLC boosted its position in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares during the period. Collier Financial bought a new position in shares of Bank of America in the third quarter valued at approximately $30,000. Joseph Group Capital Management bought a new stake in Bank of America during the fourth quarter valued at approximately $32,000. Finally, HFM Investment Advisors LLC lifted its position in Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 532 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 354,588 shares of company stock worth $17,814,296 over the last 90 days. 0.27% of the stock is owned by company insiders.

Bank of America Stock Performance

Shares of Bank of America stock opened at $51.48 on Tuesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $365.36 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 0.87 and a beta of 1.21. The firm’s 50-day moving average is $51.20 and its 200 day moving average is $52.30. Bank of America Corporation has a 1 year low of $43.36 and a 1 year high of $57.55.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is presently 27.72%.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Jefferies Financial Group lifted their target price on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. HSBC lifted their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Truist Financial lifted their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Morgan Stanley decreased their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Finally, Erste Group Bank downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

More Bank of America News

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

• Positive Sentiment: Analysts and market commentary continue to highlight Bank of America’s deposit franchise as a key structural advantage, supporting stable funding and long-term profitability. Bank of America’s Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: Reuters-reported expectations for a 15% jump in second-quarter trading revenue suggest stronger near-term income, helped by market volatility and higher client activity. Bank of America (BAC) Expects Q2 Trading Revenue to Jump 15%, Reuters Reports
• Positive Sentiment: CEO Brian Moynihan’s recent comments that the company feels good about the near-term outlook and has raised its full-year net interest income outlook also added to sentiment. Bank of America’s Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Neutral Sentiment: Bank of America Securities also hosted investor forums and conference coverage around hedge fund and quant-market activity, which reflects the firm’s strong capital-markets positioning but is not a direct earnings catalyst for BAC shares. BofA Securities Asia Forum Gathers Global Investors Amid Surge in Hedge Funds Allocations

Bank of America 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.