Brookstone Capital Management Sells 39,275 Shares of Bank of America Co. (NYSE:BAC)

Brookstone Capital Management cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 20.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 157,172 shares of the financial services provider’s stock after selling 39,275 shares during the period. Brookstone Capital Management’s holdings in Bank of America were worth $6,908,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Trust Co. of Toledo NA OH grew its position in shares of Bank of America by 6.6% during the fourth quarter. Trust Co. of Toledo NA OH now owns 14,160 shares of the financial services provider’s stock worth $622,000 after purchasing an additional 872 shares in the last quarter. Fiduciary Alliance LLC increased its stake in Bank of America by 127.2% in the 4th quarter. Fiduciary Alliance LLC now owns 56,014 shares of the financial services provider’s stock worth $2,462,000 after acquiring an additional 31,356 shares during the last quarter. Winthrop Advisory Group LLC boosted its position in shares of Bank of America by 5.2% during the 4th quarter. Winthrop Advisory Group LLC now owns 32,864 shares of the financial services provider’s stock valued at $1,444,000 after acquiring an additional 1,612 shares during the last quarter. EWG Elevate Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $207,000. Finally, Aprio Wealth Management LLC increased its position in Bank of America by 6.1% in the fourth quarter. Aprio Wealth Management LLC now owns 30,563 shares of the financial services provider’s stock worth $1,343,000 after purchasing an additional 1,752 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Truist Financial initiated coverage on shares of Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price on the stock. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Down 0.0 %

Shares of BAC stock opened at $45.09 on Tuesday. The stock’s 50-day simple moving average is $45.61 and its 200-day simple moving average is $42.27. The firm has a market capitalization of $345.97 billion, a PE ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. 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 posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share. Equities analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s payout ratio is 37.82%.

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.