Bank of America Co. (NYSE:BAC) Stock Position Lessened by Atlanta Consulting Group Advisors LLC

Atlanta Consulting Group Advisors LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 64.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,875 shares of the financial services provider’s stock after selling 30,317 shares during the quarter. Atlanta Consulting Group Advisors LLC’s holdings in Bank of America were worth $742,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. IMG Wealth Management Inc. bought a new position in shares of Bank of America in the fourth quarter worth $91,000. SlateStone Wealth LLC grew its stake in shares of Bank of America by 8.0% in the fourth quarter. SlateStone Wealth LLC now owns 14,500 shares of the financial services provider’s stock worth $637,000 after purchasing an additional 1,075 shares in the last quarter. GWN Securities Inc. bought a new position in shares of Bank of America in the fourth quarter worth $1,245,000. Facet Wealth Inc. lifted its holdings in shares of Bank of America by 45.0% in the fourth quarter. Facet Wealth Inc. now owns 10,590 shares of the financial services provider’s stock valued at $502,000 after buying an additional 3,288 shares during the period. Finally, Harbour Investments Inc. lifted its holdings in shares of Bank of America by 6.3% in the fourth quarter. Harbour Investments Inc. now owns 29,230 shares of the financial services provider’s stock valued at $1,285,000 after buying an additional 1,743 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $40.97 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The stock’s 50-day moving average is $45.19 and its two-hundred day moving average is $43.76. The firm has a market cap of $311.45 billion, a P/E ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Analysts predict 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. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BAC shares. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.64.

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.