Kestra Private Wealth Services LLC Has $16.12 Million Position in Bank of America Co. (NYSE:BAC)

Kestra Private Wealth Services LLC cut its stake in Bank of America Co. (NYSE:BAC) by 16.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 366,723 shares of the financial services provider’s stock after selling 72,654 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Bank of America were worth $16,117,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $42,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth $45,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Bank of America during the 4th quarter valued at $70,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

BAC opened at $47.43 on Friday. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The firm has a market cap of $363.89 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33. The firm’s 50-day simple moving average is $45.77 and its 200-day simple moving average is $42.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Wells Fargo & Company increased their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average 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.