Birmingham Capital Management Co. Inc. AL trimmed its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 24.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,850 shares of the financial services provider's stock after selling 20,850 shares during the period. Birmingham Capital Management Co. Inc. AL's holdings in Bank of America were worth $2,762,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the stock. Dogwood Wealth Management LLC raised its stake in Bank of America by 24.7% during the fourth quarter. Dogwood Wealth Management LLC now owns 14,895 shares of the financial services provider's stock worth $655,000 after buying an additional 2,953 shares during the last quarter. BridgePort Financial Solutions LLC bought a new position in Bank of America in the 4th quarter valued at about $319,000. Park Square Financial Group LLC bought a new position in Bank of America during the 4th quarter valued at $128,000. Menard Financial Group LLC grew its position in Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after purchasing an additional 240 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Bank of America in the fourth quarter worth $217,979,000. 70.71% of the stock is owned by institutional investors and hedge funds.
Bank of America Price Performance
Shares of Bank of America stock traded down $0.14 during mid-day trading on Wednesday, reaching $44.08. 35,352,234 shares of the stock were exchanged, compared to its average volume of 39,798,775. The company has a market cap of $332.01 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a 50-day simple moving average of $40.39 and a 200 day simple moving average of $43.58.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. Bank of America's dividend payout ratio is presently 30.95%.
Analysts Set New Price Targets
Several research firms have issued reports on BAC. Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Piper Sandler reduced their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Finally, TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.50.
View Our Latest Stock Analysis on BAC
About Bank of America
(
Free Report)
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.
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