Bank of America Co. (NYSE:BAC) Shares Sold by Sciencast Management LP

Sciencast Management LP cut its stake in shares of Bank of America Co. (NYSE:BAC) by 78.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,588 shares of the financial services provider’s stock after selling 55,595 shares during the quarter. Sciencast Management LP’s holdings in Bank of America were worth $685,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Collier Financial acquired a new position in shares of Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Mascoma Wealth Management LLC boosted its holdings in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 361 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BAC. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Evercore ISI lowered their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Morgan Stanley upped their price target on 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, Truist Financial boosted their price objective 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Trading Down 0.0 %

NYSE:BAC opened at $42.47 on Friday. The stock has a fifty day moving average price of $44.81 and a two-hundred day moving average price of $43.79. The stock has a market capitalization of $322.88 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.21 and a beta of 1.32. 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 1 year low of $34.15 and a 1 year high of $48.08.

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, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.45%. 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.