Naples Global Advisors LLC Trims Holdings in Bank of America Co. (NYSE:BAC)

Naples Global Advisors LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 4.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 22,642 shares of the financial services provider’s stock after selling 1,126 shares during the quarter. Naples Global Advisors LLC’s holdings in Bank of America were worth $995,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Collier Financial purchased a new position in Bank of America during the fourth quarter valued at $25,000. Kennebec Savings Bank bought a new position in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC grew its position in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America during the fourth quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the third quarter worth about $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.2 %

NYSE BAC opened at $46.32 on Friday. Bank of America Co. has a 12 month low of $32.49 and a 12 month high of $48.08. The company’s 50-day moving average price is $45.76 and its 200-day moving average price is $43.02. The stock has a market cap of $355.40 billion, a PE ratio of 14.38, a PEG ratio of 1.29 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

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

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Piper Sandler lowered their target price on 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Company 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.