Private Capital Management LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Private Capital Management LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 14.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,999 shares of the financial services provider’s stock after selling 1,568 shares during the period. Private Capital Management LLC’s holdings in Bank of America were worth $357,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Accent Capital Management LLC grew its stake in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments boosted its holdings in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC grew its position in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Clarendon Private LLC purchased a new stake in Bank of America during the 4th quarter valued at $798,000. Finally, Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Oppenheimer upped their price objective 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. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Up 0.5 %

Shares of BAC opened at $44.17 on Friday. The business’s 50 day moving average is $45.74 and its 200 day moving average is $43.50. 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 12-month low of $34.03 and a 12-month high of $48.08. The company has a market capitalization of $338.87 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.21 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 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.