Oxford Financial Group LTD. LLC Trims Position in Bank of America Co. (NYSE:BAC)

Oxford Financial Group LTD. LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,455 shares of the financial services provider’s stock after selling 467 shares during the quarter. Oxford Financial Group LTD. LLC’s holdings in Bank of America were worth $416,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Adams Diversified Equity Fund Inc. boosted its position in shares of Bank of America by 13.0% during the 4th quarter. Adams Diversified Equity Fund Inc. now owns 848,268 shares of the financial services provider’s stock valued at $37,281,000 after acquiring an additional 97,500 shares during the last quarter. AllSquare Wealth Management LLC raised its stake in Bank of America by 5.6% in the fourth 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 in the last quarter. HUB Investment Partners LLC lifted its position in Bank of America by 1.0% during the fourth 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 last quarter. Northwest & Ethical Investments L.P. grew its stake in Bank of America by 30.2% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 610,914 shares of the financial services provider’s stock worth $26,849,000 after buying an additional 141,740 shares in the last quarter. Finally, iA Global Asset Management Inc. increased its holdings in shares of Bank of America by 5.5% in the 4th quarter. iA Global Asset Management Inc. now owns 283,840 shares of the financial services provider’s stock worth $12,475,000 after buying an additional 14,690 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods boosted their target price 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. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Piper Sandler lowered their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Price Performance

BAC opened at $42.47 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 stock has a market capitalization of $322.88 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock’s 50 day moving average price is $44.81 and its 200-day moving average price is $43.77. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08.

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

Bank of America Announces Dividend

The company 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 dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.45%. Bank of America’s payout ratio is 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.