Bleakley Financial Group LLC Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Bleakley Financial Group LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 6.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 131,145 shares of the financial services provider’s stock after selling 8,583 shares during the period. Bleakley Financial Group LLC’s holdings in Bank of America were worth $5,764,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Kennebec Savings Bank bought a new position in shares of Bank of America during the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $42,000. Christopher J. Hasenberg Inc boosted its holdings in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 3rd quarter valued at $45,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Morgan Stanley upped their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. UBS Group upgraded shares of 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 note on Tuesday, January 7th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of BAC opened at $47.11 on Thursday. 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’s fifty day simple moving average is $45.79 and its 200-day simple moving average is $42.82. The firm has a market capitalization of $361.45 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.26 and a beta of 1.33. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 EPS. Equities analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.