Augustine Asset Management Inc. Has $1.23 Million Stake in Bank of America Co. (NYSE:BAC)

Augustine Asset Management Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 2.6% during the fourth quarter, HoldingsChannel reports. The firm owned 28,032 shares of the financial services provider’s stock after selling 760 shares during the period. Augustine Asset Management Inc.’s holdings in Bank of America were worth $1,232,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of BAC. ORG Wealth Partners LLC acquired a new position in shares of Bank of America in the third quarter valued at $80,000. Stablepoint Partners LLC increased its holdings in Bank of America by 10.5% in the 3rd quarter. Stablepoint Partners LLC now owns 8,508 shares of the financial services provider’s stock valued at $338,000 after buying an additional 811 shares during the period. CX Institutional raised its stake in shares of Bank of America by 5.3% in the 3rd quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock valued at $1,320,000 after buying an additional 1,667 shares in the last quarter. Wesbanco Bank Inc. lifted its holdings in shares of Bank of America by 0.9% during the 3rd quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after acquiring an additional 348 shares during the period. Finally, Cliftonlarsonallen Wealth Advisors LLC boosted its position in shares of Bank of America by 4.2% during the 3rd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 32,022 shares of the financial services provider’s stock valued at $1,271,000 after acquiring an additional 1,283 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Evercore ISI dropped their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Truist Financial upped their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

BAC stock opened at $46.80 on Wednesday. The stock has a market cap of $359.08 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The stock has a 50-day moving average price of $45.77 and a two-hundred day moving average price of $42.96. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America’s payout ratio is currently 32.30%.

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.