Meadow Creek Wealth Advisors LLC Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Meadow Creek Wealth Advisors LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 21.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 41,140 shares of the financial services provider’s stock after selling 11,149 shares during the period. Bank of America makes up approximately 1.3% of Meadow Creek Wealth Advisors LLC’s holdings, making the stock its 16th largest holding. Meadow Creek Wealth Advisors LLC’s holdings in Bank of America were worth $1,808,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lederer & Associates Investment Counsel CA raised its stake in Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after buying an additional 217 shares in the last quarter. Marino Stram & Associates LLC boosted its holdings in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after purchasing an additional 222 shares during the period. Keudell Morrison Wealth Management increased its stake in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Traveka Wealth LLC raised its holdings in shares of Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the period. Finally, Longfellow Investment Management Co. LLC lifted its position in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after buying an additional 227 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.8 %

Shares of NYSE:BAC opened at $47.11 on Thursday. The stock has a market capitalization of $361.45 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.26 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a 50 day moving average price of $45.79 and a 200 day moving average price of $42.82. 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 issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, research analysts anticipate 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. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Piper Sandler cut their target price 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. Finally, Oppenheimer upped their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating 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 given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.