SouthState Corp Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

SouthState Corp trimmed its position in Bank of America Co. (NYSE:BAC) by 1.8% during the 4th quarter, HoldingsChannel reports. The firm owned 231,787 shares of the financial services provider’s stock after selling 4,356 shares during the period. SouthState Corp’s holdings in Bank of America were worth $10,187,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Swedbank AB lifted its position in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after buying an additional 569,385 shares in the last quarter. Accredited Investors Inc. lifted its position in shares of Bank of America by 5.2% during the 3rd quarter. Accredited Investors Inc. now owns 24,321 shares of the financial services provider’s stock valued at $965,000 after buying an additional 1,211 shares in the last quarter. Atlanta Consulting Group Advisors LLC lifted its position in shares of Bank of America by 144.8% during the 3rd quarter. Atlanta Consulting Group Advisors LLC now owns 47,192 shares of the financial services provider’s stock valued at $1,873,000 after buying an additional 27,917 shares in the last quarter. Finally, Adero Partners LLC lifted its position in shares of Bank of America by 15.9% during the 3rd quarter. Adero Partners LLC now owns 6,992 shares of the financial services provider’s stock valued at $277,000 after buying an additional 961 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of a number of analyst reports. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Barclays boosted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Performance

NYSE BAC opened at $40.97 on Monday. The company has a market cap of $311.45 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32. 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 business’s 50 day moving average price is $45.19 and its 200-day moving average price is $43.76. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 EPS. Sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Bank of America Company 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.