Harmony Asset Management LLC Has $718,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Harmony Asset Management LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 64.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,334 shares of the financial services provider's stock after selling 29,435 shares during the period. Harmony Asset Management LLC's holdings in Bank of America were worth $718,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Graney & King LLC bought a new stake in shares of Bank of America during the fourth quarter worth $25,000. Collier Financial acquired a new position in Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America during the 4th quarter worth about $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BAC shares. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Cfra Research boosted their target price on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Truist Financial decreased their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Two 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Performance

Bank of America stock traded down $0.11 during midday trading on Monday, reaching $43.20. 34,870,751 shares of the company's stock were exchanged, compared to its average volume of 39,794,853. The stock's 50-day simple moving average is $40.34 and its 200 day simple moving average is $43.59. The firm has a market cap of $325.38 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. On average, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.41%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.

About Bank of America

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.