KKM Financial LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

KKM Financial LLC trimmed its position in Bank of America Co. (NYSE:BAC - Free Report) by 55.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,145 shares of the financial services provider's stock after selling 15,315 shares during the quarter. KKM Financial LLC's holdings in Bank of America were worth $534,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Guardian Wealth Advisors LLC NC grew its position in shares of Bank of America by 3.3% during the 4th quarter. Guardian Wealth Advisors LLC NC now owns 43,809 shares of the financial services provider's stock worth $1,925,000 after purchasing an additional 1,396 shares in the last quarter. Francis Financial Inc. bought a new stake in shares of Bank of America during the 4th quarter valued at $397,000. Ensign Peak Advisors Inc increased its position in shares of Bank of America by 23.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 8,620,023 shares of the financial services provider's stock worth $378,850,000 after purchasing an additional 1,616,091 shares during the period. Ethic Inc. raised its stake in Bank of America by 121.1% in the fourth quarter. Ethic Inc. now owns 148,881 shares of the financial services provider's stock valued at $6,543,000 after purchasing an additional 81,541 shares in the last quarter. Finally, Ewing Morris & Co. Investment Partners Ltd. bought a new stake in Bank of America during the fourth quarter worth about $1,238,000. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Barclays lowered their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Truist Financial dropped their target price 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. Finally, Oppenheimer raised their price objective on shares of Bank of America from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $47.25.

Bank of America Trading Up 1.6%

NYSE:BAC traded up $0.71 during trading hours on Tuesday, reaching $44.07. The company's stock had a trading volume of 7,012,402 shares, compared to its average volume of 39,256,615. 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 1 year low of $33.07 and a 1 year high of $48.08. The firm has a 50-day simple moving average of $39.71 and a 200-day simple moving average of $43.50. The firm has a market capitalization of $331.96 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts expect that Bank of America Co. will post 3.7 EPS 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. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is presently 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.