First Western Trust Bank Increases Stake in Bank of America Co. (NYSE:BAC)

First Western Trust Bank increased its holdings in Bank of America Co. (NYSE:BAC) by 17.7% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,294 shares of the financial services provider’s stock after purchasing an additional 2,296 shares during the period. First Western Trust Bank’s holdings in Bank of America were worth $439,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in BAC. ExodusPoint Capital Management LP boosted its position in Bank of America by 870.8% during the 2nd quarter. ExodusPoint Capital Management LP now owns 437,223 shares of the financial services provider’s stock valued at $12,544,000 after buying an additional 392,186 shares during the period. Letko Brosseau & Associates Inc. boosted its position in Bank of America by 0.4% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 1,374,343 shares of the financial services provider’s stock valued at $39,430,000 after buying an additional 5,381 shares during the period. Altrius Capital Management Inc boosted its position in Bank of America by 3.0% during the 2nd quarter. Altrius Capital Management Inc now owns 111,736 shares of the financial services provider’s stock valued at $3,206,000 after buying an additional 3,267 shares during the period. RPG Investment Advisory LLC boosted its position in Bank of America by 36.3% during the 2nd quarter. RPG Investment Advisory LLC now owns 216,383 shares of the financial services provider’s stock valued at $6,208,000 after buying an additional 57,650 shares during the period. Finally, King Luther Capital Management Corp boosted its position in Bank of America by 0.8% during the 2nd quarter. King Luther Capital Management Corp now owns 7,502,503 shares of the financial services provider’s stock valued at $215,247,000 after buying an additional 56,283 shares during the period. Hedge funds and other institutional investors own 68.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. Jefferies Financial Group dropped their price target on shares of Bank of America from $31.00 to $28.00 in a research report on Tuesday, October 10th. Oppenheimer raised their target price on shares of Bank of America from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, November 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $35.00 target price on shares of Bank of America in a research report on Tuesday, September 12th. Piper Sandler dropped their target price on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research report on Friday, September 15th. Finally, Morgan Stanley dropped their target price on shares of Bank of America from $34.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $35.54.

Bank of America Stock Down 0.4 %

NYSE:BAC opened at $29.90 on Tuesday. The firm has a market cap of $236.62 billion, a P/E ratio of 8.41, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.82 and a current ratio of 0.83. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $37.87. The firm has a 50-day simple moving average of $27.45 and a two-hundred day simple moving average of $28.62.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. The business had revenue of $25.20 billion during the quarter, compared to analyst estimates of $25.13 billion. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. Bank of America’s revenue was up 2.8% compared to the same quarter last year. During the same period last year, the business earned $0.81 EPS. Analysts predict that Bank of America Co. will post 3.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $0.24 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.21%. Bank of America’s dividend payout ratio is presently 26.89%.

Bank of America 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.