West Michigan Advisors LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

West Michigan Advisors LLC cut its stake in Bank of America Co. (NYSE:BAC) by 13.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,693 shares of the financial services provider’s stock after selling 871 shares during the quarter. West Michigan Advisors LLC’s holdings in Bank of America were worth $250,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Swedbank AB grew its position in Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares in the last quarter. Gladstone Institutional Advisory LLC boosted its stake in shares of Bank of America by 68.4% in the third quarter. Gladstone Institutional Advisory LLC now owns 81,775 shares of the financial services provider’s stock valued at $3,245,000 after purchasing an additional 33,205 shares during the period. Lowe Brockenbrough & Co. Inc. grew its holdings in Bank of America by 3.5% during the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 25,816 shares of the financial services provider’s stock valued at $1,024,000 after purchasing an additional 874 shares in the last quarter. Ceredex Value Advisors LLC increased its stake in Bank of America by 26.0% during the 3rd quarter. Ceredex Value Advisors LLC now owns 1,531,531 shares of the financial services provider’s stock worth $60,771,000 after buying an additional 316,206 shares during the period. Finally, BluePath Capital Management LLC lifted its holdings in Bank of America by 17.2% in the 3rd quarter. BluePath Capital Management LLC now owns 21,728 shares of the financial services provider’s stock worth $862,000 after buying an additional 3,187 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Truist Financial upped their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

BAC stock opened at $46.19 on Friday. The firm has a 50-day moving average of $45.78 and a two-hundred day moving average of $43.59. The firm has a market capitalization of $354.37 billion, a PE ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a one year low of $34.03 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is 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.