Investment House LLC Lowers Position in Bank of America Co. (NYSE:BAC)

Investment House LLC cut its stake in Bank of America Co. (NYSE:BAC) by 51.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,914 shares of the financial services provider’s stock after selling 114,478 shares during the quarter. Investment House LLC’s holdings in Bank of America were worth $4,655,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the fourth 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, Mascoma Wealth Management LLC increased its position in shares of Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Oppenheimer increased their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. 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 report on Tuesday, December 3rd. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Price Performance

Bank of America stock opened at $41.61 on Wednesday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The business has a fifty day moving average price of $45.02 and a 200-day moving average price of $43.78. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $316.37 billion, a P/E ratio of 12.92, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, March 7th. 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.