Bigelow Investment Advisors LLC Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Bigelow Investment Advisors LLC cut its stake in Bank of America Co. (NYSE:BAC) by 3.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,090 shares of the financial services provider’s stock after selling 702 shares during the period. Bigelow Investment Advisors LLC’s holdings in Bank of America were worth $927,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new stake in Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc raised its holdings in 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 valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter valued at $29,000. Highline Wealth Partners LLC raised 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 acquiring an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on BAC shares. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Finally, Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

NYSE BAC opened at $46.46 on Wednesday. The company has a 50 day simple moving average of $45.79 and a 200-day simple moving average of $43.23. 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 $356.51 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. Bank of America Co. has a 52-week low of $33.17 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.70 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.24%. Bank of America’s payout ratio is 32.30%.

About Bank of America

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.