HBW Advisory Services LLC Cuts Position in Bank of America Co. (NYSE:BAC)

HBW Advisory Services LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 23.1% during the fourth quarter, HoldingsChannel reports. The firm owned 10,257 shares of the financial services provider’s stock after selling 3,089 shares during the period. HBW Advisory Services LLC’s holdings in Bank of America were worth $451,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Sage Capital Advisors llc boosted its stake in Bank of America by 78.7% in the fourth quarter. Sage Capital Advisors llc now owns 11,331 shares of the financial services provider’s stock worth $498,000 after buying an additional 4,989 shares in the last quarter. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Bank of America by 2.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 149,812 shares of the financial services provider’s stock valued at $6,584,000 after purchasing an additional 3,608 shares during the last quarter. ST Germain D J Co. Inc. raised its position in Bank of America by 19.1% in the 4th quarter. ST Germain D J Co. Inc. now owns 9,846 shares of the financial services provider’s stock worth $433,000 after purchasing an additional 1,581 shares during the period. Finally, Baker Tilly Wealth Management LLC lifted its stake in Bank of America by 3.2% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 18,611 shares of the financial services provider’s stock worth $818,000 after purchasing an additional 572 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Truist Financial assumed coverage on Bank of America in a research note on Tuesday. They issued a “buy” rating and a $52.00 price target on the stock. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday. Finally, Oppenheimer cut their price target on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Trading Down 2.3 %

Shares of NYSE BAC opened at $45.14 on Friday. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. 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 firm has a 50-day moving average of $45.53 and a 200 day moving average of $42.18. The stock has a market cap of $346.35 billion, a P/E ratio of 16.41, a price-to-earnings-growth 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, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the business earned $0.90 earnings per share. The business’s revenue was up .4% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders 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 annualized dividend and a dividend yield of 2.30%. Bank of America’s payout ratio is presently 37.82%.

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.