FDx Advisors Inc. Lowers Stake in Bank of America Co. (NYSE:BAC)

FDx Advisors Inc. trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,897 shares of the financial services provider’s stock after selling 579 shares during the quarter. FDx Advisors Inc.’s holdings in Bank of America were worth $435,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Lederer & Associates Investment Counsel CA increased its holdings in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares in the last quarter. Prossimo Advisors LLC increased its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. Marino Stram & Associates LLC increased its holdings in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares in the last quarter. Keudell Morrison Wealth Management increased its holdings in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after buying an additional 223 shares during the period. Finally, Traveka Wealth LLC increased its holdings in Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 1.5 %

Shares of NYSE:BAC opened at $45.31 on Friday. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08. The firm has a market capitalization of $347.62 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business’s 50 day moving average price is $45.77 and its 200-day moving average price is $43.27.

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, beating analysts’ consensus estimates 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 revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Barclays raised 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. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Company 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.