RWA Wealth Partners LLC Increases Position in Bank of America Co. (NYSE:BAC)

RWA Wealth Partners LLC grew its position in Bank of America Co. (NYSE:BAC) by 43.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,252 shares of the financial services provider’s stock after buying an additional 35,228 shares during the period. RWA Wealth Partners LLC’s holdings in Bank of America were worth $3,914,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Regent Peak Wealth Advisors LLC grew its stake in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group grew its stake in shares of Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 321 shares during the period. Private Ocean LLC lifted its holdings in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the last quarter. Selective Wealth Management Inc. lifted its holdings in shares of Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 334 shares during the last quarter. Finally, Morton Capital Management LLC CA lifted its holdings in shares of Bank of America by 3.3% in the 4th quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock worth $358,000 after acquiring an additional 341 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. HSBC reiterated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Barclays increased their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Stock Performance

Shares of Bank of America stock opened at $37.73 on Tuesday. The company has a market capitalization of $297.71 billion, a P/E ratio of 13.06, a PEG ratio of 1.66 and a beta of 1.39. The company’s fifty day moving average is $35.77 and its two-hundred day moving average is $32.48. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Analysts forecast that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

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.