Heartwood Wealth Advisors LLC Sells 383 Shares of Bank of America Co. (NYSE:BAC)

Heartwood Wealth Advisors LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 5.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,899 shares of the financial services provider’s stock after selling 383 shares during the quarter. Heartwood Wealth Advisors LLC’s holdings in Bank of America were worth $303,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Accent Capital Management LLC raised its holdings in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments increased its stake in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. bought a new position in shares of Bank of America in the third quarter valued at approximately $550,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BAC. Truist Financial assumed coverage on Bank of America in a research report on Tuesday. They issued a “buy” rating and a $52.00 price objective on the stock. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Down 2.3 %

NYSE:BAC traded down $1.08 during mid-day trading on Friday, hitting $45.13. 25,548,623 shares of the company’s stock were exchanged, compared to its average volume of 30,921,133. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average price of $45.46 and a 200 day moving average price of $42.15. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The company has a market cap of $346.28 billion, a PE ratio of 16.41, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. Equities analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. Bank of America’s dividend payout ratio is presently 37.82%.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.29% of the company’s stock.

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.