Sonora Investment Management Group LLC Sells 492 Shares of Bank of America Co. (NYSE:BAC)

Sonora Investment Management Group LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,521 shares of the financial services provider’s stock after selling 492 shares during the period. Sonora Investment Management Group LLC’s holdings in Bank of America were worth $287,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BAC. Kennebec Savings Bank bought a new position in shares of Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its position in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America during the fourth quarter valued at $42,000. Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the third quarter worth $45,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. 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 report on Friday, January 17th. Truist Financial increased their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.0 %

NYSE BAC opened at $46.25 on Friday. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. 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 capitalization of $354.84 billion, a P/E ratio of 14.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The stock’s 50-day moving average price is $45.85 and its 200-day moving average price is $42.76.

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 analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for 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%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.70 EPS. On average, equities research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. Bank of America’s payout ratio is presently 32.30%.

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.