Bank of America Co. (NYSE:BAC) Shares Sold by Grassi Investment Management

Grassi Investment Management cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 426,750 shares of the financial services provider’s stock after selling 4,320 shares during the period. Bank of America accounts for about 1.6% of Grassi Investment Management’s holdings, making the stock its 12th biggest position. Grassi Investment Management’s holdings in Bank of America were worth $18,756,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Accent Capital Management LLC raised its holdings in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares during the last quarter. Summit Global Investments raised its stake in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Geode Capital Management LLC lifted its position in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP grew its stake in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. acquired a new position in shares of Bank of America in the third quarter valued at approximately $550,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by insiders.

Bank of America Price Performance

Bank of America stock traded down $0.10 during midday trading on Monday, reaching $45.01. 20,325,190 shares of the company were exchanged, compared to its average volume of 31,558,240. The company has a market capitalization of $345.36 billion, a price-to-earnings ratio of 16.37, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50-day simple moving average is $45.53 and its 200-day simple moving average is $42.22. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Oppenheimer decreased their price target on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Piper Sandler raised their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $47.50.

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.