Strategic Planning Group LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 75.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,219 shares of the financial services provider's stock after selling 15,857 shares during the quarter. Strategic Planning Group LLC's holdings in Bank of America were worth $229,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in the business. Advisory Alpha LLC grew its stake in Bank of America by 6.2% in the 2nd quarter. Advisory Alpha LLC now owns 25,974 shares of the financial services provider's stock worth $1,033,000 after acquiring an additional 1,513 shares in the last quarter. New Century Financial Group LLC purchased a new stake in shares of Bank of America in the second quarter valued at approximately $553,000. Birmingham Capital Management Co. Inc. AL grew its stake in Bank of America by 0.8% in the second quarter. Birmingham Capital Management Co. Inc. AL now owns 83,700 shares of the financial services provider's stock worth $3,329,000 after purchasing an additional 625 shares in the last quarter. RiverFront Investment Group LLC increased its holdings in Bank of America by 1.8% during the 2nd quarter. RiverFront Investment Group LLC now owns 15,610 shares of the financial services provider's stock worth $621,000 after purchasing an additional 273 shares during the period. Finally, Brown Financial Advisors purchased a new stake in shares of Bank of America in the 2nd quarter worth approximately $1,589,000. 70.71% of the stock is currently owned by institutional investors.
Bank of America Stock Performance
Shares of Bank of America stock traded down $0.07 during trading on Thursday, hitting $46.68. 31,023,495 shares of the company's stock were exchanged, compared to its average volume of 37,306,895. The stock has a market capitalization of $358.19 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.24 and a beta of 1.33. The business has a 50-day simple moving average of $45.85 and a 200-day simple moving average of $42.73. 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 Co. has a 52-week low of $32.35 and a 52-week high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The company's revenue was up 15.0% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.67 EPS for the current year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's payout ratio is currently 32.30%.
Wall Street Analysts Forecast Growth
BAC has been the subject of a number of recent research reports. Truist Financial boosted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a research note on Wednesday, October 16th. Piper Sandler cut 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. Evercore ISI decreased their price target on shares of 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. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.58.
Get Our Latest Stock Report on BAC
Bank of America Company Profile
(
Free Report)
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.
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