Dakota Wealth Management Sells 278,429 Shares of Bank of America Co. (NYSE:BAC)

Dakota Wealth Management reduced its position in Bank of America Co. (NYSE:BAC) by 52.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 252,901 shares of the financial services provider’s stock after selling 278,429 shares during the period. Dakota Wealth Management’s holdings in Bank of America were worth $11,115,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Traveka Wealth LLC grew its stake in shares of Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the period. Longfellow Investment Management Co. LLC grew its stake in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. grew its stake in shares of Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares during the period. Gemmer Asset Management LLC grew its stake in shares of Bank of America by 1.8% during the fourth quarter. Gemmer Asset Management LLC now owns 13,183 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 235 shares during the period. Finally, Integrity Financial Corp WA grew its stake in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.65 on Wednesday. Bank of America Co. has a fifty-two week low of $32.32 and a fifty-two week high of $48.08. The company has a 50 day simple moving average of $45.80 and a two-hundred day simple moving average of $42.48. The company has a market capitalization of $357.92 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.26 and a beta of 1.33. 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 announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 earnings per share. Analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

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.