Bank of America Co. (NYSE:BAC) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 0.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 50,219 shares of the financial services provider’s stock after selling 225 shares during the period. First Horizon Advisors Inc.’s holdings in Bank of America were worth $2,207,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of BAC. Accent Capital Management LLC grew its holdings in shares of Bank of America by 43.0% during 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 purchasing an additional 11,873 shares during the last quarter. Summit Global Investments boosted its position 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 purchasing an additional 36,089 shares during the period. Geode Capital Management LLC grew its stake 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 buying an additional 1,700,141 shares during the last quarter. Clarendon Private LLC acquired a new stake in Bank of America in the fourth quarter worth $798,000. Finally, Baker Avenue Asset Management LP increased its position in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $44.80 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $343.71 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $33.37 and a fifty-two week high of $48.08. The firm’s 50 day simple moving average is $45.75 and its 200-day simple moving average is $43.41.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.69 EPS for the current 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. Evercore ISI lowered their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Piper Sandler dropped their price target on shares of 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. Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America 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.