West Oak Capital LLC Cuts Position in Bank of America Co. (NYSE:BAC)

West Oak Capital LLC decreased its position in Bank of America Co. (NYSE:BAC) by 81.5% during the fourth quarter, Holdings Channel reports. The firm owned 700 shares of the financial services provider’s stock after selling 3,085 shares during the quarter. West Oak Capital LLC’s holdings in Bank of America were worth $31,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth $27,000. Kennebec Savings Bank acquired a new position in shares of Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC grew its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the third quarter worth $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $45.14 on Friday. The company has a 50-day simple moving average of $45.53 and a 200-day simple moving average of $42.18. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $346.35 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.30%. Bank of America’s dividend payout ratio is currently 37.82%.

Analysts Set New Price Targets

BAC has been the subject of several research reports. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Truist Financial started coverage on shares of Bank of America in a research note on Tuesday. They set a “buy” rating and a $52.00 target price for the company. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.

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.