Synergy Asset Management LLC Has $1.05 Million Stock Position in Bank of America Co. (NYSE:BAC)

Synergy Asset Management LLC cut its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 91.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,692 shares of the financial services provider's stock after selling 252,388 shares during the period. Synergy Asset Management LLC's holdings in Bank of America were worth $1,049,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of BAC. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in 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 acquiring an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the 4th quarter valued at $42,000. Christopher J. Hasenberg Inc grew its holdings in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the third quarter worth $45,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $46.74 on Thursday. The business has a 50-day moving average of $45.83 and a 200-day moving average of $42.70. 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 has a market capitalization of $358.59 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08.

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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 EPS. The company's revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America's payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Piper Sandler decreased 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 report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a research report on Tuesday, December 3rd. StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Evercore ISI lowered their price target 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. Finally, UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and raised their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.58.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.