Westbourne Investment Advisors Inc. Sells 467 Shares of Bank of America Co. (NYSE:BAC)

Westbourne Investment Advisors Inc. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 0.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 259,404 shares of the financial services provider’s stock after selling 467 shares during the quarter. Bank of America accounts for about 3.5% of Westbourne Investment Advisors Inc.’s holdings, making the stock its 6th biggest holding. Westbourne Investment Advisors Inc.’s holdings in Bank of America were worth $8,734,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fort Sheridan Advisors LLC grew its stake in Bank of America by 0.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after buying an additional 303 shares during the last quarter. Selective Wealth Management Inc. grew its position in shares of Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares during the last quarter. Fort Point Capital Partners LLC increased its stake in shares of Bank of America by 2.2% in the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 336 shares during the period. Sweet Financial Partners LLC lifted its position in shares of Bank of America by 1.8% during the 4th quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 344 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its stake in Bank of America by 3.5% during the 1st quarter. SRS Capital Advisors Inc. now owns 10,765 shares of the financial services provider’s stock valued at $308,000 after purchasing an additional 366 shares during the period. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on BAC shares. HSBC reiterated a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday. BMO Capital Markets cut their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Oppenheimer dropped 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 report on Tuesday, March 19th. Odeon Capital Group cut 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. Finally, Barclays boosted their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $36.15.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.05 during midday trading on Thursday, hitting $37.76. 15,918,349 shares of the company were exchanged, compared to its average volume of 40,682,641. The firm has a 50 day simple moving average of $34.35 and a 200-day simple moving average of $31.26. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $297.95 billion, a P/E ratio of 12.26, a PEG ratio of 1.70 and a beta of 1.38. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.87.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same period last year, the business earned $0.85 earnings per share. The business’s revenue was down 10.2% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.11 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio is 31.27%.

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.