Fiduciary Group LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Fiduciary Group LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 105,244 shares of the financial services provider’s stock after selling 1,588 shares during the period. Fiduciary Group LLC’s holdings in Bank of America were worth $4,625,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB boosted its holdings in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares during the period. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after acquiring an additional 569,385 shares during the period. Quest Partners LLC purchased a new position in shares of Bank of America in the third quarter valued at $1,516,000. Segall Bryant & Hamill LLC purchased a new position in shares of Bank of America in the third quarter valued at $2,024,000. Finally, MWA Asset Management boosted its stake in shares of Bank of America by 1.1% in the third quarter. MWA Asset Management now owns 44,058 shares of the financial services provider’s stock valued at $1,748,000 after purchasing an additional 469 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BAC shares. Piper Sandler decreased their price objective 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. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Trading Up 1.4 %

Shares of NYSE:BAC opened at $42.24 on Thursday. The company’s 50-day moving average price is $44.94 and its 200 day moving average price is $43.77. The company has a market cap of $321.10 billion, a PE ratio of 13.12, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 earnings per share. The firm’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 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s payout ratio is presently 32.30%.

Bank of America 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.