TCTC Holdings LLC Sells 552 Shares of Bank of America Co. (NYSE:BAC)

TCTC Holdings LLC cut its position in Bank of America Co. (NYSE:BAC) by 0.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,100,122 shares of the financial services provider’s stock after selling 552 shares during the quarter. Bank of America makes up approximately 1.7% of TCTC Holdings LLC’s investment portfolio, making the stock its 14th largest holding. TCTC Holdings LLC’s holdings in Bank of America were worth $48,350,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA boosted 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 boosted its stake in shares of Bank of America by 14.6% in 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 period. Prossimo Advisors LLC boosted its stake in shares of 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 during the period. Marino Stram & Associates LLC boosted its stake in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management boosted its stake in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 3.3 %

NYSE:BAC opened at $40.97 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The firm has a market cap of $311.45 billion, a P/E ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. The stock’s 50 day simple moving average is $45.19 and its 200-day simple moving average is $43.76.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS 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. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAC. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Finally, Keefe, Bruyette & Woods raised their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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.