Bank of America Co. (NYSE:BAC) Stock Position Decreased by Blume Capital Management Inc.

Blume Capital Management Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 8.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 246,171 shares of the financial services provider’s stock after selling 23,530 shares during the quarter. Bank of America accounts for about 2.4% of Blume Capital Management Inc.’s investment portfolio, making the stock its 11th biggest holding. Blume Capital Management Inc.’s holdings in Bank of America were worth $10,819,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. May Barnhard Investments LLC bought a new position in Bank of America during the fourth quarter valued at about $1,722,000. Atala Financial Inc bought a new stake in Bank of America during the 4th quarter worth approximately $298,000. LBP AM SA grew its position in Bank of America by 58.7% during the 4th quarter. LBP AM SA now owns 577,719 shares of the financial services provider’s stock worth $25,391,000 after acquiring an additional 213,730 shares during the last quarter. Mondrian Investment Partners LTD acquired a new position in Bank of America during the 4th quarter worth $1,431,000. Finally, Madison Investment Advisors LLC acquired a new position in Bank of America during the 4th quarter worth $13,959,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research 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 stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Trading Down 0.7 %

Shares of NYSE BAC opened at $39.64 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s 50 day moving average price is $45.27 and its 200-day moving average price is $43.70. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a market cap of $301.40 billion, a PE ratio of 12.31, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend yield of 2.62%. Bank of America’s dividend payout ratio (DPR) is presently 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.