Westover Capital Advisors LLC Increases Position in Bank of America Co. (NYSE:BAC)

Westover Capital Advisors LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,464 shares of the financial services provider’s stock after purchasing an additional 1,161 shares during the period. Westover Capital Advisors LLC’s holdings in Bank of America were worth $768,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Ring Mountain Capital LLC bought a new position in Bank of America during the 4th quarter valued at approximately $340,000. Commerzbank Aktiengesellschaft FI grew its stake in shares of Bank of America by 19.6% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 82,847 shares of the financial services provider’s stock worth $3,641,000 after acquiring an additional 13,601 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. Bedel Financial Consulting Inc. raised its position in shares of Bank of America by 4.7% in the 4th quarter. Bedel Financial Consulting Inc. now owns 13,458 shares of the financial services provider’s stock worth $634,000 after purchasing an additional 600 shares during the last quarter. Finally, Global Strategic Investment Solutions LLC purchased a new position in shares of Bank of America in the 4th quarter worth about $209,000. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 1.3 %

NYSE:BAC opened at $45.51 on Tuesday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The business has a fifty day moving average price of $45.81 and a 200-day moving average price of $43.67. The firm has a market capitalization of $346.09 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.29%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

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.