Bank of America Co. (NYSE:BAC) is Westbourne Investment Advisors Inc.’s 6th Largest Position

Westbourne Investment Advisors Inc. trimmed its position in Bank of America Co. (NYSE:BAC) by 0.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 259,404 shares of the financial services provider’s stock after selling 467 shares during the quarter. Bank of America comprises about 3.5% of Westbourne Investment Advisors Inc.’s investment portfolio, making the stock its 6th biggest position. Westbourne Investment Advisors Inc.’s holdings in Bank of America were worth $8,734,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth about $25,000. Castleview Partners LLC bought a new stake in Bank of America during the first quarter worth approximately $28,000. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the period. ZRC Wealth Management LLC lifted its stake in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Live Oak Investment Partners bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $39,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.1 %

Shares of NYSE:BAC traded down $0.05 during trading hours on Thursday, hitting $37.76. The company’s stock had a trading volume of 15,918,349 shares, compared to its average volume of 40,682,641. The firm’s fifty day moving average price is $34.35 and its 200 day moving average price is $31.26. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.87. The company has a market capitalization of $297.95 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.70 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

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

Bank of America Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BAC. The Goldman Sachs Group increased their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Oppenheimer reduced their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. Citigroup lifted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Wells Fargo & Company upped their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

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.