JTC Employer Solutions Trustee Ltd Lowers Stock Position in Bank of America Co. (NYSE:BAC)

JTC Employer Solutions Trustee Ltd lowered its position in shares of Bank of America Co. (NYSE:BAC) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 341,805 shares of the financial services provider’s stock after selling 4,995 shares during the quarter. Bank of America comprises approximately 1.1% of JTC Employer Solutions Trustee Ltd’s portfolio, making the stock its 12th biggest position. JTC Employer Solutions Trustee Ltd’s holdings in Bank of America were worth $15,007,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Thomasville National Bank increased its holdings in shares of Bank of America by 7.6% during the fourth quarter. Thomasville National Bank now owns 63,563 shares of the financial services provider’s stock valued at $2,794,000 after acquiring an additional 4,489 shares in the last quarter. Trust Co. of Toledo NA OH increased its holdings in shares of Bank of America by 6.6% during the fourth quarter. Trust Co. of Toledo NA OH now owns 14,160 shares of the financial services provider’s stock valued at $622,000 after acquiring an additional 872 shares in the last quarter. Fiduciary Alliance LLC increased its holdings in shares of Bank of America by 127.2% during the fourth quarter. Fiduciary Alliance LLC now owns 56,014 shares of the financial services provider’s stock valued at $2,462,000 after acquiring an additional 31,356 shares in the last quarter. Winthrop Advisory Group LLC increased its holdings in shares of Bank of America by 5.2% during the fourth quarter. Winthrop Advisory Group LLC now owns 32,864 shares of the financial services provider’s stock valued at $1,444,000 after acquiring an additional 1,612 shares in the last quarter. Finally, EWG Elevate Inc. bought a new position in shares of Bank of America during the fourth quarter valued at $207,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler lifted their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Oppenheimer reduced their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Finally, Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $48.00 to $55.00 in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

Bank of America stock traded down $0.39 during midday trading on Monday, hitting $44.72. The stock had a trading volume of 10,390,663 shares, compared to its average volume of 30,150,529. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $343.13 billion, a PE ratio of 16.26, 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. The firm’s fifty day moving average is $45.53 and its two-hundred day moving average is $42.22.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America’s dividend payout ratio is currently 37.82%.

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.