Mitchell Sinkler & Starr PA Sells 375 Shares of Bank of America Co. (NYSE:BAC)

Mitchell Sinkler & Starr PA lessened its stake in Bank of America Co. (NYSE:BAC) by 0.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 40,198 shares of the financial services provider’s stock after selling 375 shares during the quarter. Mitchell Sinkler & Starr PA’s holdings in Bank of America were worth $1,767,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Algert Global LLC purchased a new position in Bank of America during the 3rd quarter valued at approximately $606,000. Bridgewater Associates LP bought a new stake in Bank of America in the 3rd quarter worth approximately $13,162,000. Blueshift Asset Management LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $427,000. Finally, Fiduciary Trust Co boosted its position in shares of Bank of America by 11.8% during the 3rd quarter. Fiduciary Trust Co now owns 178,009 shares of the financial services provider’s stock valued at $7,063,000 after acquiring an additional 18,850 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $41.24 on Friday. The company has a market cap of $313.50 billion, a PE ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. The firm’s 50 day moving average price is $44.45 and its 200-day moving average price is $43.86. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. 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 posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.52%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Oppenheimer upped their price objective 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. 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 report on Monday, January 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.45.

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.