Schulhoff & Co. Inc. Sells 917 Shares of Bank of America Co. (NYSE:BAC)

Schulhoff & Co. Inc. lessened its stake in Bank of America Co. (NYSE:BAC) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,809 shares of the financial services provider’s stock after selling 917 shares during the quarter. Schulhoff & Co. Inc.’s holdings in Bank of America were worth $1,662,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Bank of America by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after purchasing an additional 2,806,927 shares during the period. Fisher Asset Management LLC increased its stake in shares of Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after purchasing an additional 1,731,003 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its stake in shares of Bank of America by 4.5% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 24,261,854 shares of the financial services provider’s stock valued at $1,066,308,000 after buying an additional 1,051,262 shares in the last quarter. Finally, Sanders Capital LLC lifted its stake in shares of Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after buying an additional 601,211 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. 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. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Shares of BAC opened at $44.17 on Friday. The firm’s 50-day simple moving average is $45.74 and its two-hundred day simple moving average is $43.50. Bank of America Co. has a fifty-two week low of $34.03 and a fifty-two week high of $48.08. The stock has a market cap of $338.87 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Bank of America Company Profile

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.