RS Crum Inc. Sells 593 Shares of Bank of America Co. (NYSE:BAC)

RS Crum Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,397 shares of the financial services provider’s stock after selling 593 shares during the period. RS Crum Inc.’s holdings in Bank of America were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Collier Financial purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc increased its position in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the last quarter. Fairway Wealth LLC bought a new stake in shares of Bank of America in the fourth quarter valued at $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC raised its stake in shares of Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after buying an additional 361 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on BAC shares. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note 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 on the stock in a research note on Friday, January 17th. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Price Performance

BAC opened at $40.97 on Friday. The stock has a 50-day moving average price of $45.19 and a 200-day moving average price of $43.74. Bank of America Co. has a 12-month low of $34.15 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 capitalization of $311.45 billion, a P/E ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued 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. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 EPS. Equities analysts predict that Bank of America Co. will post 3.7 earnings per share 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. 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 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio 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.