Philadelphia Trust Co. cut its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 5.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 216,125 shares of the financial services provider's stock after selling 12,872 shares during the period. Philadelphia Trust Co.'s holdings in Bank of America were worth $9,499,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the company. Lederer & Associates Investment Counsel CA grew its stake in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after buying an additional 217 shares during the period. Avalon Trust Co lifted its position in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC grew its stake in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after buying an additional 220 shares in the last quarter. Marino Stram & Associates LLC increased its holdings in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after acquiring an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management raised its stake in Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 223 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.
Bank of America Price Performance
NYSE BAC traded down $0.18 during trading hours on Wednesday, reaching $37.81. 24,983,886 shares of the company's stock were exchanged, compared to its average volume of 39,344,295. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The stock has a market cap of $287.46 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a fifty day moving average of $41.85 and a 200-day moving average of $43.66.
Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.75%. Bank of America's dividend payout ratio is 32.30%.
Analyst Ratings Changes
Several equities research analysts have weighed in on the stock. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Cfra Research upped their price objective on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday. Royal Bank of Canada decreased their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Morgan Stanley upped 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 note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.20.
Get Our Latest Report on BAC
About Bank of America
(
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.
Read More
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
