RW Investment Management LLC Has $762,000 Position in Bank of America Co. (NYSE:BAC)

RW Investment Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 4.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 19,196 shares of the financial services provider’s stock after selling 891 shares during the quarter. RW Investment Management LLC’s holdings in Bank of America were worth $762,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of BAC. Accent Capital Management LLC boosted its position in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments increased its stake in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Baker Avenue Asset Management LP increased its stake in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the period. Citizens Financial Group Inc. RI increased its stake in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares during the period. Finally, SteelPeak Wealth LLC increased its stake in shares of Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays raised their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Oppenheimer raised their target price on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Stock Performance

BAC stock opened at $46.24 on Thursday. The stock has a 50-day moving average price of $41.92 and a 200-day moving average price of $40.55. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.02. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $354.79 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company posted $0.90 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88. Following the completion of the sale, the insider now directly owns 921,706,667 shares of the company’s stock, valued at $36,674,708,279.93. The trade was a 0.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 102,848,970 shares of company stock valued at $4,145,103,288 in the last three months. Corporate insiders own 0.29% of the company’s stock.

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.