Wallace Advisory Group LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Wallace Advisory Group LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 19.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 13,611 shares of the financial services provider’s stock after selling 3,199 shares during the quarter. Wallace Advisory Group LLC’s holdings in Bank of America were worth $598,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Accent Capital Management LLC raised its stake in shares of Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments raised its stake in shares of 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 worth $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP raised its stake in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. bought a new stake in shares of Bank of America during the 3rd quarter worth $550,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Truist Financial assumed coverage on Bank of America in a research note on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Down 0.0 %

Shares of NYSE BAC opened at $45.09 on Tuesday. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $345.97 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 1.55 and a beta of 1.33. The business has a 50-day moving average of $45.61 and a 200-day moving average of $42.27.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Bank of America’s revenue was up .4% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

About Bank of America

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.