Bank of America Co. (NYSE:BAC) Shares Sold by Inlet Private Wealth LLC

Inlet Private Wealth LLC lowered its stake in Bank of America Co. (NYSE:BAC - Free Report) by 6.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 134,113 shares of the financial services provider's stock after selling 10,000 shares during the quarter. Bank of America comprises approximately 1.6% of Inlet Private Wealth LLC's holdings, making the stock its 19th largest holding. Inlet Private Wealth LLC's holdings in Bank of America were worth $5,894,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings 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 worth $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC grew its holdings in 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 during the period. Sanders Capital LLC lifted its stake in shares of Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider's stock worth $886,499,000 after buying an additional 601,211 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider's stock worth $676,264,000 after purchasing an additional 59,853 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after buying an additional 569,385 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.07 during midday trading on Monday, reaching $46.23. The company's stock had a trading volume of 36,480,730 shares, compared to its average volume of 36,949,066. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The company has a market capitalization of $354.72 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.26 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business's fifty day simple moving average is $45.83 and its 200-day simple moving average is $42.77.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 EPS. As a group, equities research analysts expect 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 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 dividend yield of 2.25%. Bank of America's payout ratio is 32.30%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BAC shares. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Evercore ISI decreased their price target on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Friday, January 17th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler lowered their target price on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research note 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.58.

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.