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

West Oak Capital LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 26.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,785 shares of the financial services provider’s stock after selling 1,000 shares during the period. West Oak Capital LLC’s holdings in Bank of America were worth $116,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BAC. Graney & King LLC purchased a new position in Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter worth about $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America in the fourth quarter valued at about $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.8%

NYSE:BAC opened at $44.72 on Thursday. The stock has a market cap of $336.80 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s 50-day moving average is $41.14 and its two-hundred day moving average is $43.46.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. UBS Group boosted their price objective on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Citigroup cut their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Finally, Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

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.