Heritage Wealth Management Inc. Sells 1,107 Shares of Bank of America Co. (NYSE:BAC)

Heritage Wealth Management Inc. reduced its position in shares of Bank of America Co. (NYSE:BAC) by 5.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,557 shares of the financial services provider’s stock after selling 1,107 shares during the period. Heritage Wealth Management Inc.’s holdings in Bank of America were worth $903,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.2% during the third 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 purchasing an additional 1,700,141 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $2,620,028,000 after purchasing an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after purchasing an additional 1,671,610 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its position in shares of Bank of America by 4.5% during the fourth 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 purchasing an additional 1,051,262 shares in the last quarter. Finally, Sanders Capital LLC lifted its position in shares of Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Barclays raised their price objective 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. Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.19 on Friday. The company has a 50 day moving average of $45.78 and a 200 day moving average of $43.59. The stock has a market cap of $354.37 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 12 month low of $34.03 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.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 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. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s payout ratio is presently 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.