West Paces Advisors Inc. Sells 1,066 Shares of Bank of America Co. (NYSE:BAC)

West Paces Advisors Inc. reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 5.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,129 shares of the financial services provider’s stock after selling 1,066 shares during the quarter. West Paces Advisors Inc.’s holdings in Bank of America were worth $885,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BAC. Principal Financial Group Inc. increased its stake in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the period. Morse Asset Management Inc bought a new stake in shares of Bank of America in the 3rd quarter valued at about $306,000. SkyView Investment Advisors LLC grew its holdings in Bank of America by 4.3% in the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock worth $619,000 after purchasing an additional 645 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in Bank of America by 2.2% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 16,579 shares of the financial services provider’s stock valued at $658,000 after buying an additional 356 shares in the last quarter. Finally, World Investment Advisors LLC increased its holdings in shares of Bank of America by 86.7% during the third quarter. World Investment Advisors LLC now owns 116,951 shares of the financial services provider’s stock valued at $4,641,000 after acquiring an additional 54,302 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Truist Financial cut their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Cfra Research raised their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Evercore ISI lowered their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Stock Up 0.8 %

NYSE:BAC opened at $40.19 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $305.53 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The stock’s fifty day moving average is $40.07 and its two-hundred day moving average is $43.52.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate 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 company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

About Bank of America

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.