Bank of America Co. (NYSE:BAC) Shares Sold by Welch & Forbes LLC

Welch & Forbes LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,020,575 shares of the financial services provider’s stock after selling 26,893 shares during the period. Welch & Forbes LLC’s holdings in Bank of America were worth $44,854,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Collier Financial acquired a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC lifted 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 in the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America in the 4th quarter valued at about $42,000. Finally, POM Investment Strategies LLC lifted 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 valued at $48,000 after buying an additional 1,006 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BAC shares. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Oppenheimer raised their price target 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. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Piper Sandler decreased 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 research note on Friday, January 17th. One equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 2.2 %

Shares of NYSE BAC opened at $41.36 on Friday. The company has a 50 day simple moving average of $45.67 and a 200-day simple moving average of $43.67. The company has a market capitalization of $314.49 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.21 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. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. On average, equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given 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 2.51%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.