Bank of America Co. (NYSE:BAC) Shares Sold by Ingalls & Snyder LLC

Ingalls & Snyder LLC decreased its position in Bank of America Co. (NYSE:BAC) by 1.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 238,026 shares of the financial services provider’s stock after selling 3,782 shares during the quarter. Ingalls & Snyder LLC’s holdings in Bank of America were worth $10,461,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. CX Institutional raised its holdings in Bank of America by 5.3% during the third quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after purchasing an additional 1,667 shares in the last quarter. Wesbanco Bank Inc. raised its holdings in Bank of America by 0.9% during the third quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after purchasing an additional 348 shares in the last quarter. Occidental Asset Management LLC raised its holdings in Bank of America by 13.7% during the third quarter. Occidental Asset Management LLC now owns 9,787 shares of the financial services provider’s stock worth $388,000 after purchasing an additional 1,183 shares in the last quarter. Swedbank AB raised its holdings in Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Finally, Lynch & Associates IN raised its holdings in Bank of America by 0.6% during the third quarter. Lynch & Associates IN now owns 146,957 shares of the financial services provider’s stock worth $5,831,000 after purchasing an additional 906 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BAC shares. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Piper Sandler decreased their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.21 on Thursday. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. 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 business’s fifty day moving average price is $45.77 and its two-hundred day moving average price is $43.00. The firm has a market capitalization of $354.56 billion, a PE ratio of 14.35, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s payout ratio is 32.30%.

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.