CW Advisors Boosts Stake in Bank of America to $9.19 Million

CW Advisors LLC has increased its investment in Bank of America Corporation (NYSE:BAC) by 38.8%, according to its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 194,244 shares of the bank’s stock, valued at approximately $9.19 million. This increase follows the acquisition of an additional 54,296 shares during the second quarter of 2023.

Several institutional investors have also made notable changes to their positions in Bank of America. Boston Common Asset Management LLC raised its stake by 10.5%, now owning 259,680 shares worth about $12.29 million after purchasing 24,740 additional shares. Disciplined Investments LLC made a new investment valued at approximately $217,000. Sunbeam Capital Management LLC grew its position by 7.3%, acquiring 439 more shares to reach a total of 6,476 shares worth $306,000. Other firms, including CCG Wealth Management LLC and Community Financial Services Group LLC, also increased their holdings, reflecting the growing institutional interest in Bank of America.

As of now, institutional investors collectively own 70.71% of Bank of America’s stock. This significant ownership underscores the confidence that major financial players have in the bank’s future performance.

Analyst Ratings Reflect Positive Outlook

Recent analyst assessments have further supported the favorable sentiment surrounding Bank of America shares. On October 27, 2023, the Goldman Sachs Group adjusted its target price from $60.00 to $58.00 while maintaining a “buy” rating. Ameriprise Financial upgraded its rating to “buy” on October 22, while Keefe, Bruyette & Woods reiterated its “outperform” rating with a price objective of $58.00, up from a previous $57.00.

Wells Fargo & Company also raised its target price from $60.00 to $62.00, giving the stock an “overweight” rating. Additionally, Citigroup increased its price target from $58.00 to $62.00 and maintained a “buy” rating. Currently, twenty-three investment analysts rate the stock as a “buy,” while five have assigned a “hold” rating. According to data from MarketBeat, Bank of America holds an average rating of “Moderate Buy” with an average price target of $57.77.

Financial Performance and Dividend Announcement

Bank of America shares opened at $54.09 on October 27, 2023. The company reported a debt-to-equity ratio of 1.12 and a quick ratio of 0.79. It has recorded a 52-week low of $33.06 and a high of $54.69. The bank has a market capitalization of approximately $394.99 billion, with a price-to-earnings ratio of 14.74 and a beta of 1.30.

On October 15, 2023, Bank of America announced its earnings results, revealing an earnings per share (EPS) of $1.06 for the quarter, surpassing the consensus estimate of $0.93 by $0.13. The revenue for the quarter was reported at $5.35 billion, compared to the consensus estimate of $27.05 billion, marking a year-over-year revenue increase of 10.8%.

The bank has also declared a quarterly dividend of $0.28, set to be paid on December 26, 2023. Investors on record as of December 5, 2023, will receive this dividend. This equates to an annualized dividend of $1.12 and a yield of 2.1%, with a dividend payout ratio of 30.52%.

Bank of America Corporation provides a range of banking and financial services worldwide, catering to individual consumers, businesses, institutional investors, and governments. The firm operates across four segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets.