Carolinas Wealth Consulting LLC Has $1.79 Million Holdings in Bank of America Co. (NYSE:BAC)

Carolinas Wealth Consulting LLC cut its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 44.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,688 shares of the financial services provider's stock after selling 33,064 shares during the period. Carolinas Wealth Consulting LLC's holdings in Bank of America were worth $1,788,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at $5,226,989,000. Capital World Investors lifted its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Amundi lifted its holdings in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Finally, Northern Trust Corp increased its position in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BAC shares. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Price Performance

BAC traded up $1.00 during trading on Tuesday, hitting $44.20. The company's stock had a trading volume of 36,298,959 shares, compared to its average volume of 39,781,357. The firm's 50 day moving average price is $40.36 and its two-hundred day moving average price is $43.58. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a market capitalization of $332.91 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

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.