Single Point Partners LLC Sells 217 Shares of Bank of America Co. (NYSE:BAC)

Single Point Partners LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 3.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,804 shares of the financial services provider’s stock after selling 217 shares during the period. Single Point Partners LLC’s holdings in Bank of America were worth $299,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealthcare Capital Partners LLC bought a new position in shares of Bank of America in the fourth quarter worth about $321,000. Sovran Advisors LLC acquired a new position in Bank of America during the 4th quarter valued at approximately $272,000. Stonebridge Financial Group LLC acquired a new position in Bank of America in the 4th quarter worth approximately $230,000. BostonPremier Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at about $299,000. Finally, Mill Creek Capital Advisors LLC grew its stake in shares of Bank of America by 11.1% during the 4th quarter. Mill Creek Capital Advisors LLC now owns 8,711 shares of the financial services provider’s stock worth $383,000 after purchasing an additional 870 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Truist Financial upped their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 1.6 %

Shares of BAC stock opened at $46.65 on Tuesday. The company has a market capitalization of $357.91 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. 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 has a 50 day moving average price of $45.77 and a two-hundred day moving average price of $42.93. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 dividend on an annualized basis and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.