Bank of America Co. (NYSE:BAC) Shares Sold by Abbot Financial Management Inc.

Abbot Financial Management Inc. lessened its holdings in Bank of America Co. (NYSE:BAC) by 1.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,488 shares of the financial services provider’s stock after selling 1,292 shares during the period. Bank of America accounts for approximately 2.2% of Abbot Financial Management Inc.’s portfolio, making the stock its 10th largest holding. Abbot Financial Management Inc.’s holdings in Bank of America were worth $4,372,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BAC. Collier Financial acquired a new position in Bank of America in the 4th quarter valued at about $25,000. Kennebec Savings Bank acquired a new position in shares of Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% during the fourth 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. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the fourth quarter worth approximately $42,000. Finally, POM Investment Strategies LLC grew its stake in Bank of America by 1,306.5% in the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,006 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 6.6 %

Shares of NYSE:BAC opened at $42.55 on Wednesday. The company has a market capitalization of $323.61 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The company has a 50 day moving average of $45.77 and a two-hundred day moving average of $43.70. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current 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 (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 EPS. As a group, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 2.44%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Piper Sandler reduced their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Evercore ISI lowered 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 report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently 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.