Bank of America Co. (NYSE:BAC) Shares Sold by Bridge Creek Capital Management LLC

Bridge Creek Capital Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 187,670 shares of the financial services provider’s stock after selling 4,566 shares during the quarter. Bank of America accounts for 2.5% of Bridge Creek Capital Management LLC’s investment portfolio, making the stock its 6th biggest position. Bridge Creek Capital Management LLC’s holdings in Bank of America were worth $8,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Cooper Financial Group lifted its position in shares of Bank of America by 13.8% during the fourth quarter. Cooper Financial Group now owns 44,441 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 5,388 shares during the last quarter. Wedmont Private Capital boosted its holdings in shares of Bank of America by 13.2% in the 4th quarter. Wedmont Private Capital now owns 66,232 shares of the financial services provider’s stock valued at $2,988,000 after buying an additional 7,708 shares during the period. Westmount Partners LLC raised its position in shares of Bank of America by 10.3% during the 4th quarter. Westmount Partners LLC now owns 22,445 shares of the financial services provider’s stock worth $986,000 after purchasing an additional 2,094 shares during the period. Fragasso Financial Advisors Inc increased its position in Bank of America by 6.2% in the 4th quarter. Fragasso Financial Advisors Inc now owns 6,946 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 404 shares during the period. Finally, Thomasville National Bank lifted its holdings in Bank of America by 7.6% in the fourth quarter. Thomasville National Bank now owns 63,563 shares of the financial services provider’s stock worth $2,794,000 after purchasing an additional 4,489 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.12 on Monday, hitting $44.99. The stock had a trading volume of 18,637,671 shares, compared to its average volume of 31,240,334. The firm’s 50 day moving average price is $45.53 and its 200-day moving average price is $42.22. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The company has a market capitalization of $345.20 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share. On average, equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

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

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Piper Sandler upped their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Truist Financial started coverage on shares of Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price for the company. Oppenheimer reduced their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.