City State Bank Decreases Stock Position in Bank of America Co. (NYSE:BAC)

City State Bank trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,268 shares of the financial services provider’s stock after selling 1,073 shares during the period. City State Bank’s holdings in Bank of America were worth $671,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Longfellow Investment Management Co. LLC grew its holdings in shares of Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its stake in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 231 shares in the last quarter. Integrity Financial Corp WA raised its stake in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 240 shares in the last quarter. Cahill Financial Advisors Inc. boosted its holdings in Bank of America by 2.1% in the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 249 shares during the period. Finally, Chicago Capital LLC increased its holdings in Bank of America by 1.8% during the 3rd quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 250 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Evercore ISI raised their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Truist Financial initiated coverage on shares of Bank of America in a research report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Price Performance

BAC stock traded down $0.20 during trading on Monday, hitting $44.91. The stock had a trading volume of 7,468,692 shares, compared to its average volume of 29,610,010. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The stock has a market cap of $344.59 billion, a price-to-earnings ratio of 16.33, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company’s 50 day moving average price is $45.53 and its two-hundred day moving average price is $42.22. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. On average, sell-side analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 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.