Berkeley Capital Partners LLC Has $2.47 Million Stock Position in Bank of America Co. (NYSE:BAC)

Berkeley Capital Partners LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,252 shares of the financial services provider’s stock after selling 2,928 shares during the quarter. Bank of America makes up 0.7% of Berkeley Capital Partners LLC’s portfolio, making the stock its 24th biggest position. Berkeley Capital Partners LLC’s holdings in Bank of America were worth $2,472,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. iA Global Asset Management Inc. increased its position in Bank of America by 5.5% in the fourth quarter. iA Global Asset Management Inc. now owns 283,840 shares of the financial services provider’s stock worth $12,475,000 after purchasing an additional 14,690 shares during the period. Teacher Retirement System of Texas boosted its holdings in Bank of America by 10.5% during the fourth quarter. Teacher Retirement System of Texas now owns 2,615,204 shares of the financial services provider’s stock worth $114,938,000 after buying an additional 248,538 shares during the last quarter. First National Bank of Hutchinson bought a new position in Bank of America during the fourth quarter worth about $576,000. Algebris UK Ltd bought a new position in Bank of America during the fourth quarter worth about $8,900,000. Finally, First Financial Bankshares Inc boosted its holdings in Bank of America by 20.3% during the fourth quarter. First Financial Bankshares Inc now owns 1,450,183 shares of the financial services provider’s stock worth $63,736,000 after buying an additional 245,166 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.4 %

NYSE:BAC opened at $42.24 on Thursday. The firm has a market capitalization of $321.10 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The stock’s 50 day moving average price is $44.94 and its two-hundred day moving average price is $43.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly 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. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 EPS. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BAC shares. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Truist Financial lifted their price objective on 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, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.64.

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.