Bank of America Co. (NYSE:BAC) Stake Trimmed by Pring Turner Capital Group Inc.

Pring Turner Capital Group Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 154,041 shares of the financial services provider’s stock after selling 2,733 shares during the quarter. Bank of America comprises about 4.5% of Pring Turner Capital Group Inc.’s portfolio, making the stock its 3rd biggest holding. Pring Turner Capital Group Inc.’s holdings in Bank of America were worth $6,770,000 at the end of the most recent quarter.

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

Bank of America Stock Performance

NYSE:BAC opened at $44.48 on Tuesday. Bank of America Co. has a 52 week low of $33.53 and a 52 week high of $48.08. The company has a fifty day simple moving average of $45.73 and a two-hundred day simple moving average of $43.46. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $341.25 billion, a price-to-earnings ratio of 13.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.34%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Finally, Evercore ISI reduced their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.