B. Riley Wealth Advisors Inc. Decreases Stock Position in Bank of America Co. (NYSE:BAC)

B. Riley Wealth Advisors Inc. decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 10.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 180,373 shares of the financial services provider's stock after selling 21,150 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Bank of America were worth $7,927,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Lederer & Associates Investment Counsel CA boosted its holdings in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after buying an additional 217 shares in the last quarter. Avalon Trust Co lifted its stake in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares during the last quarter. Prossimo Advisors LLC lifted its position in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after buying an additional 220 shares during the last quarter. Keudell Morrison Wealth Management lifted its holdings in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Finally, Consolidated Planning Corp lifted its holdings in Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after purchasing an additional 226 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Truist Financial reduced their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Finally, Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.09 during midday trading on Thursday, hitting $44.15. The stock had a trading volume of 16,033,652 shares, compared to its average volume of 39,708,266. The stock has a 50 day simple moving average of $40.42 and a 200-day simple moving average of $43.59. 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 company has a market capitalization of $332.49 billion, a PE ratio of 13.70, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Bank of America 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.