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

West Wealth Group LLC purchased a new position in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,410 shares of the financial services provider’s stock, valued at approximately $216,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Roundview Capital LLC increased its position in shares of Bank of America by 1.5% during the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,192 shares during the last quarter. NewEdge Advisors LLC boosted its position in Bank of America by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after purchasing an additional 16,319 shares during the period. First Western Trust Bank bought a new stake in shares of Bank of America in the 1st quarter worth $586,000. Finally, Pearl River Capital LLC purchased a new position in Bank of America in the first quarter valued at about $534,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.25 during midday trading on Thursday, reaching $37.56. The company’s stock had a trading volume of 6,365,069 shares, compared to its average volume of 40,532,992. The firm has a 50 day moving average price of $34.35 and a 200-day moving average price of $31.26. The stock has a market capitalization of $296.37 billion, a P/E ratio of 12.32, a PEG 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 Co. has a 12-month low of $24.96 and a 12-month high of $37.87.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion for 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%. The company’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period last year, the firm earned $0.85 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.11 earnings per share for the current year.

Bank of America Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. The Goldman Sachs Group lifted their price target on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Citigroup lifted their price objective 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. Oppenheimer cut their price objective on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 19th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.