Capital Management Associates NY Cuts Stake in Bank of America Co. (NYSE:BAC)

Capital Management Associates NY lowered its position in shares of Bank of America Co. (NYSE:BAC) by 77.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,005 shares of the financial services provider’s stock after selling 3,545 shares during the period. Capital Management Associates NY’s holdings in Bank of America were worth $44,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Swedbank AB grew its stake in Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares during the last quarter. Principal Financial Group Inc. grew its stake in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Harbour Investments Inc. grew its stake in Bank of America by 3.5% in the third quarter. Harbour Investments Inc. now owns 27,487 shares of the financial services provider’s stock valued at $1,091,000 after purchasing an additional 923 shares during the last quarter. GSA Capital Partners LLP grew its stake in Bank of America by 63.7% in the third quarter. GSA Capital Partners LLP now owns 31,875 shares of the financial services provider’s stock valued at $1,265,000 after purchasing an additional 12,402 shares during the last quarter. Finally, MQS Management LLC purchased a new position in Bank of America in the third quarter valued at about $322,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 3.3 %

Shares of BAC stock opened at $40.97 on Friday. The stock has a 50 day moving average of $45.19 and a 200 day moving average of $43.71. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $311.45 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $0.70 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.54%. 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

BAC has been the topic of several analyst reports. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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.