Fulton Bank N.A. Sells 5,237 Shares of Bank of America Co. (NYSE:BAC)

Fulton Bank N.A. reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 148,975 shares of the financial services provider’s stock after selling 5,237 shares during the quarter. Fulton Bank N.A.’s holdings in Bank of America were worth $6,547,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Range Financial Group LLC purchased a new stake in shares of Bank of America in the fourth quarter worth about $385,000. Spartan Planning & Wealth Management purchased a new stake in shares of Bank of America during the 4th quarter valued at $671,000. Regent Peak Wealth Advisors LLC lifted its holdings in shares of Bank of America by 10.3% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock worth $526,000 after acquiring an additional 1,116 shares during the last quarter. Diversified Trust Co grew its position in Bank of America by 29.7% in the fourth quarter. Diversified Trust Co now owns 210,281 shares of the financial services provider’s stock worth $9,242,000 after acquiring an additional 48,209 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. raised its position in Bank of America by 7.7% during the fourth quarter. Canandaigua National Bank & Trust Co. now owns 119,889 shares of the financial services provider’s stock valued at $5,269,000 after purchasing an additional 8,543 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Oppenheimer cut their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday. Finally, Truist Financial began coverage on Bank of America in a research note on Tuesday. They issued a “buy” rating and a $52.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.06 during trading on Wednesday, hitting $46.02. 21,235,384 shares of the company’s stock traded hands, compared to its average volume of 28,019,402. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The business has a 50-day simple moving average of $45.30 and a 200-day simple moving average of $42.09. The stock has a market capitalization of $353.11 billion, a P/E ratio of 16.73, a PEG ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. As a group, analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Bank of America 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.