Biltmore Family Office LLC Has $1.70 Million Stake in Bank of America Co. (NYSE:BAC)

Biltmore Family Office LLC cut its stake in Bank of America Co. (NYSE:BAC) by 0.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,581 shares of the financial services provider’s stock after selling 242 shares during the period. Biltmore Family Office LLC’s holdings in Bank of America were worth $1,696,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. OneAscent Financial Services LLC boosted its holdings in Bank of America by 13.1% during the fourth quarter. OneAscent Financial Services LLC now owns 28,796 shares of the financial services provider’s stock worth $1,266,000 after buying an additional 3,325 shares during the last quarter. Cinctive Capital Management LP raised its holdings in shares of Bank of America by 45.7% in the 4th quarter. Cinctive Capital Management LP now owns 498,544 shares of the financial services provider’s stock valued at $21,911,000 after purchasing an additional 156,333 shares during the period. RFG Bristol Wealth Advisors LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $975,000. Meeder Advisory Services Inc. raised its position in shares of Bank of America by 0.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 117,075 shares of the financial services provider’s stock valued at $5,145,000 after purchasing an additional 886 shares during the period. Finally, Potomac Fund Management Inc. ADV acquired a new stake in Bank of America during the fourth quarter worth approximately $1,231,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 0.9 %

Bank of America stock opened at $41.87 on Thursday. The company has a market capitalization of $318.33 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock has a 50-day moving average price of $44.17 and a 200 day moving average price of $43.96. 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.

Bank of America (NYSE:BAC) last released its quarterly 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 return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BAC. Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Citigroup decreased their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.31.

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.