Eaton Financial Holdings Company LLC Cuts Position in Bank of America Co. (NYSE:BAC)

Eaton Financial Holdings Company LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 15.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 10,392 shares of the financial services provider’s stock after selling 1,919 shares during the quarter. Eaton Financial Holdings Company LLC’s holdings in Bank of America were worth $457,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Collier Financial purchased a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc increased its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC increased its stake in Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after buying an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Evercore ISI cut their price objective 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. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Up 3.3 %

NYSE:BAC opened at $40.97 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock’s fifty day moving average is $45.19 and its two-hundred day moving average is $43.76. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The stock has a market capitalization of $311.45 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $25.12 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

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.