West Wealth Group LLC Invests $216,000 in Bank of America Co. (NYSE:BAC)

West Wealth Group LLC purchased a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 6,410 shares of the financial services provider’s stock, valued at approximately $216,000.

Other institutional investors have also modified their holdings of the company. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the last quarter. Castleview Partners LLC bought a new position in Bank of America in the 1st quarter valued at about $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in Bank of America in the first quarter valued at approximately $34,000. Finally, ZRC Wealth Management LLC lifted its holdings in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

Shares of NYSE BAC traded down $0.25 during mid-day trading on Thursday, reaching $37.56. The company had a trading volume of 6,365,069 shares, compared to its average volume of 40,532,992. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.87. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a fifty day moving average of $34.35 and a two-hundred day moving average of $31.26. The company has a market capitalization of $296.37 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.70 and a beta of 1.38.

Bank of America (NYSE:BAC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.85 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.11 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BAC. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Barclays upped their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Finally, HSBC reissued a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $35.90.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.