Scott & Selber Inc. Lowers Holdings in Bank of America Co. (NYSE:BAC)

Scott & Selber Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 1.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 106,606 shares of the financial services provider’s stock after selling 1,863 shares during the quarter. Bank of America comprises 1.4% of Scott & Selber Inc.’s portfolio, making the stock its 18th biggest holding. Scott & Selber Inc.’s holdings in Bank of America were worth $4,685,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Collier Financial purchased a new stake in Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc lifted its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC increased its holdings 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 during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in Bank of America in the 4th quarter valued at $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.3 %

BAC stock opened at $45.51 on Tuesday. The stock has a market capitalization of $346.09 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50 day moving average of $45.81 and a 200 day moving average of $43.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on BAC. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley increased their target price 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. Finally, Truist Financial boosted their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus 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.