Bank of America Co. (NYSE:BAC) Shares Sold by Atlas Capital Advisors Inc.

Atlas Capital Advisors Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 35.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,603 shares of the financial services provider’s stock after selling 1,436 shares during the period. Atlas Capital Advisors Inc.’s holdings in Bank of America were worth $114,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA lifted its holdings in Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares in the last quarter. Avalon Trust Co raised its position in shares of Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares during the period. Prossimo Advisors LLC lifted its holdings in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 220 shares in the last quarter. Marino Stram & Associates LLC lifted its holdings in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management grew its position in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $34.37 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.67 and a 12-month high of $48.08. The stock’s 50 day moving average price is $43.74 and its two-hundred day moving average price is $43.91. The firm has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAC. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Piper Sandler cut their price target 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. Finally, Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

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.