Bank of America Co. (NYSE:BAC) Shares Sold by Boomfish Wealth Group LLC

Boomfish Wealth Group LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 37,514 shares of the financial services provider’s stock after selling 454 shares during the period. Boomfish Wealth Group LLC’s holdings in Bank of America were worth $1,649,000 as of its most recent SEC filing.

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

Bank of America Price Performance

Shares of NYSE BAC opened at $46.68 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. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The firm has a market capitalization of $358.19 billion, a P/E ratio of 14.50, a PEG ratio of 1.27 and a beta of 1.33. The company’s fifty day moving average is $45.85 and its two-hundred day moving average is $42.73.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BAC shares. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods lifted 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. Truist Financial upped their target price 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. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.