Bank of America Corporation $BAC Shares Sold by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. decreased its holdings in Bank of America Corporation (NYSE:BAC) by 9.6% in the 2nd quarter, Holdings Channel reports. The firm owned 2,457,892 shares of the financial services provider’s stock after selling 259,529 shares during the period. Bank of America accounts for about 1.0% of Westwood Holdings Group Inc.’s investment portfolio, making the stock its 14th biggest holding. Westwood Holdings Group Inc.’s holdings in Bank of America were worth $116,307,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its stake in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Kingsview Wealth Management LLC boosted its holdings in Bank of America by 1.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 116,060 shares of the financial services provider’s stock valued at $4,843,000 after purchasing an additional 2,080 shares in the last quarter. Creekmur Asset Management LLC increased its position in Bank of America by 45,756.3% during the 1st quarter. Creekmur Asset Management LLC now owns 14,674 shares of the financial services provider’s stock worth $612,000 after purchasing an additional 14,642 shares during the period. Diversify Advisory Services LLC raised its stake in shares of Bank of America by 11.5% during the 1st quarter. Diversify Advisory Services LLC now owns 90,295 shares of the financial services provider’s stock worth $3,611,000 after buying an additional 9,315 shares in the last quarter. Finally, AMG National Trust Bank grew its holdings in Bank of America by 3.3% during the first quarter. AMG National Trust Bank now owns 44,564 shares of the financial services provider’s stock worth $1,860,000 after acquiring an additional 1,412 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.6%

Shares of NYSE BAC opened at $52.57 on Friday. The firm’s 50-day moving average is $51.63 and its two-hundred day moving average is $47.99. The company has a market capitalization of $383.88 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is 30.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BAC shares. Oppenheimer boosted their target price on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Bank of America in a research note on Thursday, November 6th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Morgan Stanley lifted their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, JPMorgan Chase & Co. boosted their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.86.

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.