Marotta Asset Management Has $217,000 Holdings in Bank of America Co. (NYSE:BAC)

Marotta Asset Management trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,898 shares of the financial services provider’s stock after selling 228 shares during the quarter. Marotta Asset Management’s holdings in Bank of America were worth $217,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $27,000. Kennebec Savings Bank bought a new stake in Bank of America in the third quarter valued at approximately $29,000. Christopher J. Hasenberg Inc boosted its stake in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in Bank of America in the third quarter worth $45,000. Finally, Truvestments Capital LLC bought a new stake in Bank of America in the third quarter valued at $73,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Performance

Bank of America stock traded down $0.89 during midday trading on Friday, reaching $45.32. 7,792,437 shares of the company traded hands, compared to its average volume of 27,640,012. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The business has a 50 day moving average of $45.46 and a two-hundred day moving average of $42.15. The firm has a market capitalization of $347.73 billion, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the business posted $0.90 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. As a group, research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.29%. Bank of America’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Truist Financial began coverage on Bank of America in a research note on Tuesday. They set a “buy” rating and a $52.00 price target for the company. Finally, Wells Fargo & Company upped 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $47.50.

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.