Denali Advisors LLC Sells 3,100 Shares of Bank of America Co. (NYSE:BAC)

Denali Advisors LLC decreased its position in Bank of America Co. (NYSE:BAC) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,800 shares of the financial services provider’s stock after selling 3,100 shares during the quarter. Denali Advisors LLC’s holdings in Bank of America were worth $1,046,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Accent Capital Management LLC boosted its holdings in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the last quarter. Summit Global Investments raised its position in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares during the period. Geode Capital Management LLC boosted its stake in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the last quarter. Clarendon Private LLC bought a new stake in shares of Bank of America during the 4th quarter valued at $798,000. Finally, Baker Avenue Asset Management LP increased its stake in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BAC shares. Piper Sandler lowered their target price 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. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Citigroup raised shares of 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 note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 0.0 %

Shares of BAC opened at $43.96 on Thursday. The stock has a market capitalization of $337.28 billion, a PE ratio of 13.65, a P/E/G ratio of 1.21 and a beta of 1.33. The company’s fifty day moving average is $45.72 and its 200 day moving average is $43.50. 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 Co. has a fifty-two week low of $33.71 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last posted its 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed 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. This represents a $1.04 annualized dividend and a dividend yield of 2.37%. 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.