Westmount Partners LLC Buys 2,094 Shares of Bank of America Co. (NYSE:BAC)

Westmount Partners LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 10.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,445 shares of the financial services provider’s stock after buying an additional 2,094 shares during the quarter. Westmount Partners LLC’s holdings in Bank of America were worth $986,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in BAC. Geode Capital Management LLC raised its holdings in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the period. Legal & General Group Plc boosted its position in Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the period. Fisher Asset Management LLC boosted its position in shares of Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after acquiring an additional 1,731,003 shares during the period. Sanders Capital LLC raised its stake in Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its stake in shares of Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on BAC shares. Truist Financial initiated coverage on Bank of America in a report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 target price on the stock. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $48.00 to $55.00 in a research report on Monday, December 9th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Oppenheimer decreased their target price on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Finally, Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.13 during trading on Monday, reaching $44.98. The company’s stock had a trading volume of 14,898,307 shares, compared to its average volume of 30,807,670. The company has a 50-day moving average price of $45.53 and a two-hundred day moving average price of $42.22. The firm has a market cap of $345.13 billion, a PE ratio of 16.36, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.29% of the company’s stock.

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.