Bank of America Co. (NYSE:BAC) Shares Sold by Prudent Man Advisors LLC

Prudent Man Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 11.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 28,160 shares of the financial services provider’s stock after selling 3,644 shares during the quarter. Prudent Man Advisors LLC’s holdings in Bank of America were worth $1,238,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Accent Capital Management LLC grew its stake in shares of 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 in the last quarter. Summit Global Investments boosted its stake in 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 acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Clarendon Private LLC acquired a new position in Bank of America in the fourth quarter valued at $798,000. Finally, Baker Avenue Asset Management LP boosted its stake in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Up 4.7 %

Shares of Bank of America stock opened at $46.19 on Friday. Bank of America Co. has a 12-month low of $34.03 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $354.37 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The company has a 50-day moving average of $45.78 and a two-hundred day moving average of $43.56.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.70 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America 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.