West Oak Capital LLC Sells 1,000 Shares of Bank of America Co. (NYSE:BAC)

West Oak Capital LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 26.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,785 shares of the financial services provider’s stock after selling 1,000 shares during the period. West Oak Capital LLC’s holdings in Bank of America were worth $116,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings 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 worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Focus Financial Network Inc. lifted its stake in shares of Bank of America by 4.3% in the fourth quarter. Focus Financial Network Inc. now owns 59,448 shares of the financial services provider’s stock worth $2,613,000 after buying an additional 2,464 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in Bank of America in the 4th quarter valued at $230,000. Sovran Advisors LLC bought a new position in Bank of America in the 4th quarter worth $272,000. Finally, Gradient Capital Advisors LLC lifted its position in Bank of America by 1.2% during the 4th quarter. Gradient Capital Advisors LLC now owns 23,188 shares of the financial services provider’s stock worth $1,019,000 after acquiring an additional 277 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BAC shares. UBS Group boosted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Citigroup lowered their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $44.72 on Thursday. The business’s fifty day moving average price is $41.14 and its two-hundred day moving average price is $43.46. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a market capitalization of $336.80 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. As a group, analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is presently 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.