Eagle Ridge Investment Management Sells 1,028 Shares of Bank of America Co. (NYSE:BAC)

Eagle Ridge Investment Management reduced its stake in Bank of America Co. (NYSE:BAC) by 0.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 222,937 shares of the financial services provider’s stock after selling 1,028 shares during the quarter. Eagle Ridge Investment Management’s holdings in Bank of America were worth $9,798,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter worth $29,000. Highline Wealth Partners LLC increased 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 buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the 4th quarter worth $42,000. Christopher J. Hasenberg Inc increased its stake in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 3rd quarter worth $45,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BAC. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 1.3 %

Shares of NYSE BAC opened at $47.74 on Friday. The firm has a 50-day simple moving average of $45.78 and a two-hundred day simple moving average of $42.85. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The company has a market cap of $366.33 billion, a P/E ratio of 14.83, a PEG ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.