Westwood Holdings Group Inc. Sells 927,567 Shares of Bank of America Co. (NYSE:BAC)

Westwood Holdings Group Inc. trimmed its position in Bank of America Co. (NYSE:BAC - Free Report) by 25.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,774,714 shares of the financial services provider's stock after selling 927,567 shares during the period. Bank of America makes up approximately 0.9% of Westwood Holdings Group Inc.'s investment portfolio, making the stock its 18th largest holding. Westwood Holdings Group Inc.'s holdings in Bank of America were worth $121,949,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Regent Peak Wealth Advisors LLC raised its stake in Bank of America by 10.3% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider's stock valued at $526,000 after buying an additional 1,116 shares during the period. Merit Financial Group LLC increased its stake in shares of Bank of America by 34.7% during the fourth quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider's stock worth $5,950,000 after purchasing an additional 34,881 shares during the period. Sax Wealth Advisors LLC bought a new position in shares of Bank of America during the fourth quarter worth approximately $546,000. CGN Advisors LLC increased its stake in shares of Bank of America by 6.1% during the fourth quarter. CGN Advisors LLC now owns 7,535 shares of the financial services provider's stock worth $331,000 after purchasing an additional 431 shares during the period. Finally, TruWealth Advisors LLC increased its stake in shares of Bank of America by 1.7% during the fourth quarter. TruWealth Advisors LLC now owns 24,823 shares of the financial services provider's stock worth $1,091,000 after purchasing an additional 404 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BAC. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. TD Cowen began coverage on Bank of America in a research note on Thursday. They set a "buy" rating and a $53.00 target price on the stock. UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Up 0.6%

Shares of NYSE:BAC opened at $44.66 on Monday. The company has a market capitalization of $336.38 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 1.21 and a beta of 1.27. 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 business's 50-day moving average is $40.03 and its 200-day moving average is $43.56. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current 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 given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is 30.95%.

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.

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