Flaharty Asset Management LLC Sells 3,030 Shares of Bank of America Co. (NYSE:BAC)

Flaharty Asset Management LLC reduced its position in Bank of America Co. (NYSE:BAC) by 25.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,913 shares of the financial services provider’s stock after selling 3,030 shares during the period. Flaharty Asset Management LLC’s holdings in Bank of America were worth $392,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Jacobi Capital Management LLC boosted its holdings in shares of Bank of America by 3.0% in the 4th quarter. Jacobi Capital Management LLC now owns 160,334 shares of the financial services provider’s stock valued at $7,047,000 after buying an additional 4,731 shares in the last quarter. Metis Global Partners LLC boosted its holdings in shares of Bank of America by 1.0% in the 4th quarter. Metis Global Partners LLC now owns 340,740 shares of the financial services provider’s stock valued at $14,976,000 after buying an additional 3,222 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in Bank of America in the 4th quarter worth approximately $50,000. Fisher Asset Management LLC boosted its stake in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after purchasing an additional 1,671,610 shares in the last quarter. Finally, Sage Investment Counsel LLC acquired a new stake in Bank of America in the 4th quarter worth approximately $1,868,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 4.7 %

Shares of BAC opened at $46.19 on Friday. Bank of America Co. has a 52-week low of $34.03 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s fifty day moving average is $45.78 and its two-hundred day moving average is $43.56. The stock has a market cap of $354.37 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given 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 dividend yield of 2.25%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BAC shares. Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Oppenheimer raised 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. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus 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.