Bank of America Co. (NYSE:BAC) Stock Position Reduced by Pring Turner Capital Group Inc.

Pring Turner Capital Group Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 154,041 shares of the financial services provider’s stock after selling 2,733 shares during the period. Bank of America accounts for about 4.5% of Pring Turner Capital Group Inc.’s holdings, making the stock its 3rd largest holding. Pring Turner Capital Group Inc.’s holdings in Bank of America were worth $6,770,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.7 %

BAC stock opened at $44.48 on Tuesday. 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 $33.53 and a 12 month high of $48.08. The firm has a market capitalization of $341.25 billion, a PE ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.33. The company’s 50 day simple moving average is $45.73 and its 200-day simple moving average is $43.46.

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. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 earnings per share. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal 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 paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Piper Sandler cut their target price 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. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.