Westover Capital Advisors LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Westover Capital Advisors LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 7.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,464 shares of the financial services provider’s stock after acquiring an additional 1,161 shares during the period. Westover Capital Advisors LLC’s holdings in Bank of America were worth $768,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Swedbank AB increased its holdings in shares of Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in Bank of America by 1.3% in the third quarter. Harbor Capital Advisors Inc. now owns 146,204 shares of the financial services provider’s stock worth $5,801,000 after acquiring an additional 1,866 shares in the last quarter. Confluence Wealth Services Inc. increased its stake in Bank of America by 4.8% in the third quarter. Confluence Wealth Services Inc. now owns 20,999 shares of the financial services provider’s stock valued at $833,000 after acquiring an additional 959 shares during the last quarter. Van ECK Associates Corp raised its position in Bank of America by 120.2% during the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after purchasing an additional 10,497 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Bank of America by 24.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 9,397,955 shares of the financial services provider’s stock worth $372,911,000 after purchasing an additional 1,816,804 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.3 %

Shares of NYSE BAC opened at $45.51 on Tuesday. The firm has a fifty day simple moving average of $45.81 and a two-hundred day simple moving average of $43.67. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $346.09 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 earnings per share. Equities analysts expect 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 declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.