Western Wealth Management LLC Sells 76,215 Shares of Bank of America Co. (NYSE:BAC)

Western Wealth Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 93.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,729 shares of the financial services provider's stock after selling 76,215 shares during the period. Western Wealth Management LLC's holdings in Bank of America were worth $252,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Lederer & Associates Investment Counsel CA increased its position in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after buying an additional 217 shares in the last quarter. Avalon Trust Co increased its position in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC increased its position in shares of Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after buying an additional 220 shares in the last quarter. Keudell Morrison Wealth Management increased its position in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after buying an additional 223 shares in the last quarter. Finally, Consolidated Planning Corp increased its position in shares of Bank of America by 2.9% in the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after buying an additional 226 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on BAC. Royal Bank of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Truist Financial lowered their price objective on shares of 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. Citigroup lowered their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Piper Sandler reduced their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Trading Down 0.3%

Bank of America stock opened at $43.20 on Friday. The firm has a 50-day moving average of $40.34 and a 200-day moving average of $43.60. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $325.38 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $26.83 billion. On average, equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.41%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Bank of America Company 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.

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