Capital Investment Advisors LLC Sells 3,391 Shares of Bank of America Co. (NYSE:BAC)

Capital Investment Advisors LLC lowered its position in Bank of America Co. (NYSE:BAC) by 0.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 528,654 shares of the financial services provider’s stock after selling 3,391 shares during the quarter. Capital Investment Advisors LLC’s holdings in Bank of America were worth $23,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Accent Capital Management LLC grew its holdings in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments raised its position in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares in the last quarter. Geode Capital Management LLC grew its position in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP increased its stake in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. bought a new stake in shares of Bank of America during the 3rd quarter valued at $550,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC traded down $0.26 on Monday, hitting $44.85. 9,204,337 shares of the stock traded hands, compared to its average volume of 29,942,813. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s fifty day moving average is $45.53 and its two-hundred day moving average is $42.22. The firm has a market capitalization of $344.13 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 1.55 and a beta of 1.33.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BAC shares. Piper Sandler boosted their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $48.00 to $55.00 in a research note on Monday, December 9th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $47.50.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

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.