Bank of America Co. (NYSE:BAC) Stake Lessened by Verus Capital Partners LLC

Verus Capital Partners LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 21.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 18,628 shares of the financial services provider’s stock after selling 5,041 shares during the quarter. Verus Capital Partners LLC’s holdings in Bank of America were worth $819,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Collier Financial purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc boosted 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 period. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its stake in 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 buying an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 4.7 %

Bank of America stock opened at $46.19 on Friday. Bank of America Co. has a 52 week low of $34.03 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $354.37 billion, a PE ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33. The business’s 50-day simple moving average is $45.78 and its 200-day simple moving average is $43.56.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Piper Sandler lowered 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. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Evercore ISI cut their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.