Schwarz Dygos Wheeler Investment Advisors LLC Makes New $202,000 Investment in Bank of America Corporation $BAC

Schwarz Dygos Wheeler Investment Advisors LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,267 shares of the financial services provider’s stock, valued at approximately $202,000.

Several other large investors have also recently modified their holdings of the stock. Nova Wealth Management Inc. grew its position in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Quaker Wealth Management LLC lifted its position in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC boosted its stake in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new position in shares of Bank of America in the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BAC shares. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. HSBC raised their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Finally, Barclays upped their price target on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Price Performance

BAC stock opened at $52.92 on Friday. The firm has a 50-day moving average of $51.57 and a 200 day moving average of $47.90. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $386.45 billion, a P/E ratio of 14.42, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 EPS. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

About Bank of America

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.