Douglas Lane & Associates LLC Sells 137,543 Shares of Bank of America Co. (NYSE:BAC)

Douglas Lane & Associates LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,208,470 shares of the financial services provider’s stock after selling 137,543 shares during the quarter. Bank of America makes up about 1.4% of Douglas Lane & Associates LLC’s investment portfolio, making the stock its 16th largest position. Douglas Lane & Associates LLC’s holdings in Bank of America were worth $97,062,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of BAC. Fairway Wealth LLC bought a new stake in Bank of America during the second quarter worth about $27,000. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter valued at about $29,000. Christopher J. Hasenberg Inc lifted its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 3rd quarter worth about $45,000. Finally, Truvestments Capital LLC bought a new position in shares of Bank of America in the third quarter worth about $73,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Up 0.0 %

Shares of BAC traded up $0.02 during mid-day trading on Wednesday, hitting $46.10. 26,006,583 shares of the company’s stock were exchanged, compared to its average volume of 29,070,377. The company has a 50-day simple moving average of $45.30 and a 200 day simple moving average of $42.09. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $353.72 billion, a PE ratio of 16.76, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. On average, research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday. Oppenheimer cut their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Finally, Truist Financial assumed coverage on shares of Bank of America in a research report on Tuesday. They set a “buy” rating and a $52.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.