71 West Capital Partners Buys New Shares in Bank of America Corporation $BAC

71 West Capital Partners bought a new stake in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 563,955 shares of the financial services provider’s stock, valued at approximately $31,018,000. Bank of America accounts for approximately 1.4% of 71 West Capital Partners’ holdings, making the stock its 15th largest position.

Other hedge funds have also made changes to their positions in the company. William B. Walkup & Associates Inc. lifted its stake in Bank of America by 2.1% during the fourth quarter. William B. Walkup & Associates Inc. now owns 14,315 shares of the financial services provider’s stock worth $787,000 after purchasing an additional 295 shares during the period. Alberta Investment Management Corp lifted its stake in Bank of America by 18.6% during the fourth quarter. Alberta Investment Management Corp now owns 24,900 shares of the financial services provider’s stock worth $1,370,000 after purchasing an additional 3,900 shares during the period. Faithward Advisors LLC lifted its stake in Bank of America by 57.6% during the fourth quarter. Faithward Advisors LLC now owns 8,615 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 3,149 shares during the period. Innovative Wealth Building LLC lifted its stake in Bank of America by 5.6% during the fourth quarter. Innovative Wealth Building LLC now owns 4,749 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 251 shares during the period. Finally, Oarsman Capital Inc. lifted its stake in Bank of America by 13.7% during the fourth quarter. Oarsman Capital Inc. now owns 42,267 shares of the financial services provider’s stock worth $2,325,000 after purchasing an additional 5,082 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $55.89 on Tuesday. The firm has a market cap of $396.62 billion, a PE ratio of 13.83, a PEG ratio of 0.95 and a beta of 1.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 1-year low of $44.06 and a 1-year high of $57.55. The company has a fifty day moving average price of $52.42 and a 200 day moving average price of $52.44.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. Research analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s payout ratio is currently 27.72%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of analyst reports. UBS Group raised their price target on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. The Goldman Sachs Group raised their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Piper Sandler raised their price target on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Evercore cut their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research note on Friday, May 15th. Finally, HSBC raised their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.06.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.