Bank of America Co. (NYSE:BAC) Position Trimmed by Catalyst Capital Advisors LLC

Catalyst Capital Advisors LLC cut its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 67.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,707 shares of the financial services provider's stock after selling 17,689 shares during the quarter. Catalyst Capital Advisors LLC's holdings in Bank of America were worth $383,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Collier Financial purchased a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $42,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.1 %

Shares of NYSE BAC traded down $0.51 during trading on Friday, reaching $44.80. 43,472,525 shares of the stock were exchanged, compared to its average volume of 35,078,777. The business's 50-day moving average price is $45.75 and its 200 day moving average price is $43.32. Bank of America Co. has a twelve month low of $33.37 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $343.71 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business's revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America's dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their target price 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. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Finally, Barclays raised their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. One equities research 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.