Bank of America Co. (NYSE:BAC) Stock Position Lessened by Cape ANN Savings Bank

Cape ANN Savings Bank reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,224 shares of the financial services provider’s stock after selling 855 shares during the quarter. Bank of America comprises about 0.9% of Cape ANN Savings Bank’s investment portfolio, making the stock its 29th largest holding. Cape ANN Savings Bank’s holdings in Bank of America were worth $1,548,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Swedbank AB increased its stake in shares of 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 valued at $279,441,000 after acquiring an additional 50,849 shares during the period. Silver Oak Securities Incorporated increased its position in shares of Bank of America by 40.7% during the 3rd quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 3,164 shares during the period. Consolidated Portfolio Review Corp raised its stake in shares of Bank of America by 3.4% in the 3rd quarter. Consolidated Portfolio Review Corp now owns 12,871 shares of the financial services provider’s stock worth $511,000 after buying an additional 419 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in shares of Bank of America by 1.9% in the third quarter. GHP Investment Advisors Inc. now owns 130,349 shares of the financial services provider’s stock valued at $5,172,000 after buying an additional 2,467 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its stake in Bank of America by 2.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 6,319,991 shares of the financial services provider’s stock valued at $247,637,000 after buying an additional 172,779 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 1.1 %

Bank of America stock opened at $44.80 on Monday. Bank of America Co. has a twelve month low of $33.37 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $343.71 billion, a PE ratio of 13.91, a P/E/G ratio of 1.22 and a beta of 1.33. The firm’s 50 day moving average price is $45.75 and its two-hundred day moving average price is $43.41.

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, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 earnings per share. On average, research analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

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 issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America’s dividend payout ratio 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.