Bridge Creek Capital Management LLC Sells 4,566 Shares of Bank of America Co. (NYSE:BAC)

Bridge Creek Capital Management LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 2.4% in the 4th quarter, Holdings Channel reports. The fund owned 187,670 shares of the financial services provider’s stock after selling 4,566 shares during the quarter. Bank of America accounts for 2.5% of Bridge Creek Capital Management LLC’s portfolio, making the stock its 6th biggest position. Bridge Creek Capital Management LLC’s holdings in Bank of America were worth $8,248,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter worth about $27,000. Kennebec Savings Bank bought a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc lifted its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the third quarter worth $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on BAC shares. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Piper Sandler upped their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Barclays raised 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 note on Monday, January 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

Shares of BAC stock traded down $0.12 during trading on Monday, hitting $44.99. The company had a trading volume of 18,637,671 shares, compared to its average volume of 31,240,334. The firm has a market capitalization of $345.20 billion, a P/E ratio of 16.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s 50-day moving average price is $45.53 and its 200 day moving average price is $42.22.

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

Bank of America Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’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 sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

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.