Convergence Financial LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Convergence Financial LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 16.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,845 shares of the financial services provider’s stock after selling 1,181 shares during the period. Convergence Financial LLC’s holdings in Bank of America were worth $257,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Collier Financial purchased a new stake in Bank of America during the fourth quarter valued at about $25,000. Life Planning Partners Inc boosted its position in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new stake in Bank of America during the third quarter valued at about $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% during the fourth 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 during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new position in shares of Bank of America during the fourth quarter valued at about $42,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $43.96 on Thursday. Bank of America Co. has a fifty-two week low of $33.71 and a fifty-two week high of $48.08. The company has a 50 day simple moving average of $45.72 and a two-hundred day simple moving average of $43.50. The company has a market capitalization of $337.28 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods upped 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 note on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Truist Financial upped their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average 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.