Concurrent Investment Advisors LLC Sells 5,453 Shares of Bank of America Co. (NYSE:BAC)

Concurrent Investment Advisors LLC lessened its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 265,343 shares of the financial services provider's stock after selling 5,453 shares during the period. Concurrent Investment Advisors LLC's holdings in Bank of America were worth $11,662,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Swedbank AB grew its holdings in Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider's stock worth $279,441,000 after purchasing an additional 50,849 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 3rd quarter worth about $45,000. Ledyard National Bank grew its stake in shares of Bank of America by 17.5% in the 3rd quarter. Ledyard National Bank now owns 11,898 shares of the financial services provider's stock valued at $472,000 after buying an additional 1,769 shares during the period. My Legacy Advisors LLC acquired a new stake in Bank of America in the third quarter valued at approximately $404,000. Finally, Blossom Wealth Management increased its stake in Bank of America by 1.9% during the 3rd quarter. Blossom Wealth Management now owns 17,102 shares of the financial services provider's stock valued at $679,000 after purchasing an additional 315 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the company. HSBC raised Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial lifted 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. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Finally, Evercore ISI reduced their target price 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. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.58.

Bank of America Price Performance

Bank of America stock traded down $0.51 during midday trading on Friday, reaching $44.80. 30,702,189 shares of the stock were exchanged, compared to its average volume of 34,612,152. Bank of America Co. has a 52 week low of $33.37 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $343.71 billion, a PE ratio of 13.91, a PEG ratio of 1.24 and a beta of 1.33. The company's fifty day moving average is $45.77 and its 200-day moving average is $43.27.

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 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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%. Bank of America's revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 earnings per share. On average, sell-side analysts forecast 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. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. 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 is 32.30%.

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.