Paragon Capital Management LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Paragon Capital Management LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 2.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,917 shares of the financial services provider’s stock after selling 789 shares during the quarter. Bank of America accounts for approximately 0.7% of Paragon Capital Management LLC’s holdings, making the stock its 24th biggest position. Paragon Capital Management LLC’s holdings in Bank of America were worth $1,271,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Adams Diversified Equity Fund Inc. increased its holdings in Bank of America by 13.0% in the 4th quarter. Adams Diversified Equity Fund Inc. now owns 848,268 shares of the financial services provider’s stock worth $37,281,000 after buying an additional 97,500 shares in the last quarter. AllSquare Wealth Management LLC grew its stake in shares of Bank of America by 5.6% during the 4th quarter. AllSquare Wealth Management LLC now owns 22,452 shares of the financial services provider’s stock valued at $987,000 after purchasing an additional 1,200 shares during the period. HUB Investment Partners LLC grew its stake in shares of Bank of America by 1.0% during the 4th quarter. HUB Investment Partners LLC now owns 171,956 shares of the financial services provider’s stock valued at $7,557,000 after purchasing an additional 1,769 shares during the period. Northwest & Ethical Investments L.P. grew its stake in shares of Bank of America by 30.2% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 610,914 shares of the financial services provider’s stock valued at $26,849,000 after purchasing an additional 141,740 shares during the period. Finally, iA Global Asset Management Inc. grew its stake in shares of Bank of America by 5.5% during the 4th quarter. iA Global Asset Management Inc. now owns 283,840 shares of the financial services provider’s stock valued at $12,475,000 after purchasing an additional 14,690 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Oppenheimer boosted their price objective 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. Piper Sandler cut their price objective on 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. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Stock Performance

NYSE:BAC opened at $42.48 on Friday. The stock’s fifty day moving average is $44.87 and its 200 day moving average 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. The firm has a market capitalization of $322.94 billion, a PE ratio of 13.19, a PEG 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.

Bank of America (NYSE:BAC) last released its quarterly 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 for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $0.70 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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 2.45%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) 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.