Bank of America Co. (NYSE:BAC) Shares Sold by Advantage Trust Co

Advantage Trust Co decreased its position in Bank of America Co. (NYSE:BAC) by 50.0% in the 4th quarter, HoldingsChannel reports. The firm owned 1,125 shares of the financial services provider’s stock after selling 1,125 shares during the period. Advantage Trust Co’s holdings in Bank of America were worth $49,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Accent Capital Management LLC boosted its position in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Summit Global Investments lifted its stake in shares of Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC grew its position in shares of Bank of America by 1.2% in 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 during the period. Clarendon Private LLC acquired a new position in Bank of America in the fourth quarter valued at $798,000. Finally, Baker Avenue Asset Management LP lifted its position in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.1 %

Shares of BAC stock opened at $44.80 on Friday. The firm has a market cap of $343.71 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 12 month low of $33.37 and a 12 month high of $48.08. The stock has a 50 day moving average of $45.75 and a 200-day moving average of $43.32. 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 (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 net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America’s dividend payout ratio is 32.30%.

Bank of America 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.