71 West Capital Partners Takes Position in Bank of America Corporation $BAC

71 West Capital Partners bought a new stake in Bank of America Corporation (NYSE:BAC) during the fourth quarter, HoldingsChannel.com reports. The fund bought 563,955 shares of the financial services provider’s stock, valued at approximately $31,018,000. Bank of America accounts for 1.4% of 71 West Capital Partners’ holdings, making the stock its 15th biggest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Handelsbanken Fonder AB raised its holdings in Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after acquiring an additional 1,603,080 shares during the period. Mufg Securities Americas Inc. grew its position in shares of Bank of America by 26.6% during the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock worth $10,262,000 after purchasing an additional 41,809 shares in the last quarter. B. Metzler seel. Sohn & Co. AG boosted its position in shares of Bank of America by 11.2% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock worth $34,974,000 after acquiring an additional 68,093 shares in the last quarter. Constant Guidance Financial LLC boosted its position in shares of Bank of America by 603.4% during the 3rd quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider’s stock worth $1,253,000 after acquiring an additional 20,831 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $27,629,000. 70.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.27% of the company’s stock.

Bank of America Trading Down 0.2%

BAC opened at $55.89 on Tuesday. Bank of America Corporation has a 1-year low of $44.06 and a 1-year high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market cap of $396.62 billion, a P/E ratio of 13.83, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The company has a fifty day moving average price of $52.42 and a two-hundred day moving average price of $52.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 4.45 EPS 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 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is 27.72%.

Analyst Ratings Changes

BAC has been the subject of several research reports. Robert W. Baird increased their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Oppenheimer raised their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Piper Sandler raised their price target on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Autonomous Res dropped their price target on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Finally, Argus raised their price target on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.