Apriem Advisors Has $1.26 Million Stake in Bank of America Co. (NYSE:BAC)

Apriem Advisors lowered its holdings in Bank of America Co. (NYSE:BAC) by 17.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,707 shares of the financial services provider’s stock after selling 6,230 shares during the quarter. Apriem Advisors’ holdings in Bank of America were worth $1,262,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Collier Financial acquired a new position in shares of Bank of America during the fourth quarter valued at about $25,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the 3rd quarter worth about $29,000. Highline Wealth Partners LLC lifted its position 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 valued at $37,000 after acquiring an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the 4th quarter valued at about $42,000. Finally, POM Investment Strategies LLC increased its holdings in Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,006 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.0 %

Shares of BAC stock opened at $43.96 on Thursday. The stock has a market capitalization of $337.28 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33. The company’s fifty day simple moving average is $45.72 and its two-hundred day simple moving average is $43.50. Bank of America Co. has a 1 year low of $33.71 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.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.37%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on BAC shares. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.