Bank of America Co. (NYSE:BAC) Stake Lessened by Crumly & Associates Inc.

Crumly & Associates Inc. cut its stake in Bank of America Co. (NYSE:BAC) by 8.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,755 shares of the financial services provider’s stock after selling 1,246 shares during the period. Crumly & Associates Inc.’s holdings in Bank of America were worth $605,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Swedbank AB boosted its holdings in Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares in the last quarter. Elevated Capital Advisors LLC bought a new stake in Bank of America during the third quarter worth approximately $311,000. Wallington Asset Management LLC boosted its holdings in Bank of America by 12.0% during the third quarter. Wallington Asset Management LLC now owns 263,408 shares of the financial services provider’s stock worth $10,452,000 after buying an additional 28,160 shares in the last quarter. McAdam LLC boosted its holdings in Bank of America by 3.5% during the third quarter. McAdam LLC now owns 11,836 shares of the financial services provider’s stock worth $470,000 after buying an additional 402 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after acquiring an additional 4,423,215 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. Oppenheimer upped their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Piper Sandler reduced 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 issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.5 %

BAC stock opened at $45.31 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08. The company has a fifty day simple moving average of $45.77 and a 200 day simple moving average of $43.27. The firm has a market cap of $347.62 billion, a PE ratio of 14.07, a PEG ratio of 1.24 and a beta of 1.33.

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, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business earned $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 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is presently 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.