Bank of America Co. (NYSE:BAC) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. cut its position in Bank of America Co. (NYSE:BAC) by 16.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,037 shares of the financial services provider’s stock after selling 21,260 shares during the period. Advisors Asset Management Inc.’s holdings in Bank of America were worth $4,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Collier Financial purchased a new stake in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc grew its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at about $29,000. Highline Wealth Partners LLC lifted its stake 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 worth $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC boosted its holdings in shares of Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.4 %

Shares of NYSE BAC opened at $42.24 on Thursday. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The stock has a market cap of $321.10 billion, a P/E ratio of 13.12, a PEG ratio of 1.21 and a beta of 1.32. 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 business’s fifty day simple moving average is $44.94 and its 200-day simple moving average is $43.77.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BAC. Oppenheimer raised their target price 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial lifted their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.