Catalyst Capital Advisors LLC Sells 17,689 Shares of Bank of America Co. (NYSE:BAC)

Catalyst Capital Advisors LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 67.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,707 shares of the financial services provider’s stock after selling 17,689 shares during the period. Catalyst Capital Advisors LLC’s holdings in Bank of America were worth $383,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in BAC. Swedbank AB increased its holdings in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares during the last quarter. Net Worth Advisory Group acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $232,000. Chicago Capital LLC increased its holdings in shares of 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 acquiring an additional 250 shares during the last quarter. Resonant Capital Advisors LLC increased its holdings in shares of Bank of America by 2.8% during the 3rd quarter. Resonant Capital Advisors LLC now owns 17,438 shares of the financial services provider’s stock worth $692,000 after acquiring an additional 478 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC grew its holdings in Bank of America by 20.8% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 29,100 shares of the financial services provider’s stock valued at $1,155,000 after buying an additional 5,007 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent research reports. Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Piper Sandler lowered their price objective on 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. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Up 1.4 %

Shares of BAC stock opened at $46.98 on Tuesday. The company has a market cap of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.49 and a fifty-two week high of $48.08. The stock has a 50 day simple moving average of $45.75 and a two-hundred day simple moving average of $43.12. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The company 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 dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. Bank of America’s dividend payout ratio is presently 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.