Washington Capital Management Inc. Has $1.08 Million Stake in Bank of America Co. (NYSE:BAC)

Washington Capital Management Inc. cut its stake in Bank of America Co. (NYSE:BAC) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,555 shares of the financial services provider’s stock after selling 1,100 shares during the quarter. Bank of America accounts for 0.9% of Washington Capital Management Inc.’s holdings, making the stock its 23rd biggest position. Washington Capital Management Inc.’s holdings in Bank of America were worth $1,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of BAC. Kennebec Savings Bank bought a new stake in Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc raised its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 3rd quarter valued at $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays lifted 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. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.74 on Thursday. The firm has a 50 day moving average of $45.83 and a 200-day moving average of $42.70. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $358.59 billion, a PE ratio of 14.51, a PEG ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, equities research analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s payout ratio is 32.30%.

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.