Nicholas Hoffman & Company LLC. Reduces Stake in Bank of America Co. (NYSE:BAC)

Nicholas Hoffman & Company LLC. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 28,078 shares of the financial services provider’s stock after selling 1,086 shares during the period. Nicholas Hoffman & Company LLC.’s holdings in Bank of America were worth $1,234,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BAC. Swedbank AB lifted its position in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares in the last quarter. Net Worth Advisory Group purchased a new position in Bank of America during the third quarter worth $232,000. Chicago Capital LLC boosted its position in shares of Bank of America by 1.8% during the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after buying an additional 250 shares during the period. Alta Wealth Advisors LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $227,000. Finally, Spectrum Financial Alliance Ltd LLC increased its holdings in Bank of America by 0.8% during the 3rd quarter. Spectrum Financial Alliance Ltd LLC now owns 1,146,884 shares of the financial services provider’s stock worth $45,508,000 after purchasing an additional 9,531 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.4 %

BAC stock opened at $46.98 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. Bank of America Co. has a 12 month low of $32.49 and a 12 month high of $48.08. The firm has a market capitalization of $360.47 billion, a PE ratio of 14.59, a P/E/G ratio of 1.29 and a beta of 1.33. The company’s 50 day simple moving average is $45.75 and its 200-day simple moving average is $43.10.

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 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal 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 given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial boosted their price objective 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. Evercore ISI decreased their target price 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. Citigroup raised 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 report on Friday, November 8th. Finally, Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, 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.