Carret Asset Management LLC Sells 4,527 Shares of Bank of America Co. (NYSE:BAC)

Carret Asset Management LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 3.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 112,123 shares of the financial services provider’s stock after selling 4,527 shares during the period. Carret Asset Management LLC’s holdings in Bank of America were worth $4,928,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of BAC. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc raised its holdings 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 worth $25,000 after buying an additional 545,936 shares during the period. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $29,000. Highline Wealth Partners LLC raised its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC raised its holdings in 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 buying an additional 361 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.7 %

BAC stock opened at $39.64 on Friday. 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 fifty day moving average price of $45.27 and a two-hundred day moving average price of $43.70. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The stock has a market cap of $301.40 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the business posted $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 business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Evercore ISI dropped their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

About Bank of America

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.