Bank of America Co. (NYSE:BAC) Stock Position Decreased by Hodges Capital Management Inc.

Hodges Capital Management Inc. cut its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,872 shares of the financial services provider's stock after selling 15,239 shares during the quarter. Hodges Capital Management Inc.'s holdings in Bank of America were worth $3,774,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $42,000. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the third quarter worth about $45,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on BAC shares. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a report on Friday, January 17th. Piper Sandler cut their target price on shares of 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. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Finally, Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.07 on Monday, reaching $46.23. 36,480,730 shares of the company traded hands, compared to its average volume of 36,949,066. The stock has a market capitalization of $354.72 billion, a PE 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 company's 50 day moving average is $45.83 and its 200-day moving average is $42.77. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. 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 dividend payout ratio (DPR) is presently 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.