NBW Capital LLC Has $1.71 Million Position in Bank of America Co. (NYSE:BAC)

NBW Capital LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 2.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 38,917 shares of the financial services provider’s stock after selling 810 shares during the quarter. NBW Capital LLC’s holdings in Bank of America were worth $1,710,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bedel Financial Consulting Inc. increased its holdings in shares of Bank of America by 4.7% in the fourth quarter. Bedel Financial Consulting Inc. now owns 13,458 shares of the financial services provider’s stock valued at $634,000 after purchasing an additional 600 shares in the last quarter. Global Strategic Investment Solutions LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $209,000. Wernau Asset Management Inc. acquired a new stake in Bank of America during the 4th quarter worth $4,330,000. Gryphon Financial Partners LLC raised its position in shares of Bank of America by 6.8% during the 4th quarter. Gryphon Financial Partners LLC now owns 17,324 shares of the financial services provider’s stock valued at $761,000 after acquiring an additional 1,097 shares during the last quarter. Finally, Meridian Wealth Management LLC lifted its stake in shares of Bank of America by 8.3% in the 4th quarter. Meridian Wealth Management LLC now owns 31,776 shares of the financial services provider’s stock valued at $1,397,000 after purchasing an additional 2,444 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 1.3 %

Shares of Bank of America stock opened at $45.51 on Tuesday. The business’s 50 day simple moving average is $45.81 and its 200 day simple moving average is $43.67. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The firm has a market cap of $346.09 billion, a PE ratio of 14.13, a P/E/G ratio of 1.21 and a beta of 1.33. 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 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the firm earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Piper Sandler cut 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. Truist Financial increased their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.