GFG Capital LLC Sells 2,164 Shares of Bank of America Co. (NYSE:BAC)

GFG Capital LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 7.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,303 shares of the financial services provider’s stock after selling 2,164 shares during the quarter. GFG Capital LLC’s holdings in Bank of America were worth $1,200,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Asset Planning Inc bought a new stake in Bank of America during the 4th quarter valued at approximately $220,000. Vicus Capital raised its stake in Bank of America by 4.7% during the 4th quarter. Vicus Capital now owns 10,759 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 480 shares during the period. Palacios Wealth Management LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $258,000. Root Financial Partners LLC raised its stake in Bank of America by 49.8% during the 4th quarter. Root Financial Partners LLC now owns 7,639 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 2,538 shares during the period. Finally, Vontobel Holding Ltd. raised its stake in Bank of America by 8.9% during the 4th quarter. Vontobel Holding Ltd. now owns 226,384 shares of the financial services provider’s stock valued at $9,950,000 after purchasing an additional 18,423 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Up 0.2 %

Shares of NYSE BAC opened at $46.32 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $45.76 and a two-hundred day simple moving average of $43.02. The firm has a market cap of $355.40 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a twelve month low of $32.49 and a twelve month high of $48.08.

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

Bank of America Dividend Announcement

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

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.