Western Wealth Management LLC Has $3.55 Million Stock Position in Bank of America Corporation (NYSE:BAC)

Western Wealth Management LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 85,123 shares of the financial services provider’s stock after purchasing an additional 2,295 shares during the period. Western Wealth Management LLC’s holdings in Bank of America were worth $3,552,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Graney & King LLC acquired a new position in Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter worth approximately $29,000. Vega Investment Solutions bought a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the 4th quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the 4th quarter worth approximately $34,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $46.85 on Thursday. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock has a 50 day moving average price of $42.91 and a two-hundred day moving average price of $43.33. The firm has a market capitalization of $352.87 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on BAC shares. Citigroup reduced 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. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Morgan Stanley lifted their target price on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

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.