CMG Global Holdings LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

CMG Global Holdings LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 1.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 48,116 shares of the financial services provider’s stock after selling 945 shares during the period. Bank of America accounts for 1.2% of CMG Global Holdings LLC’s holdings, making the stock its 25th biggest holding. CMG Global Holdings LLC’s holdings in Bank of America were worth $2,203,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Kennebec Savings Bank acquired a new stake in Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC boosted its stake in shares of 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 worth $37,000 after acquiring an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares during the period. Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the 3rd quarter worth about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 0.1 %

Shares of NYSE BAC opened at $46.68 on Friday. 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 firm has a market cap of $358.19 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.27 and a beta of 1.33. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The business’s 50 day moving average is $45.85 and its two-hundred day moving average is $42.73.

Bank of America (NYSE:BAC) last released its 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the company posted $0.70 EPS. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.67 EPS 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. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is 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.