Sonata Capital Group Inc. Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Sonata Capital Group Inc. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 6.5% during the fourth quarter, Holdings Channel reports. The firm owned 8,700 shares of the financial services provider’s stock after selling 600 shares during the period. Sonata Capital Group Inc.’s holdings in Bank of America were worth $382,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. ORG Wealth Partners LLC purchased a new stake in Bank of America in the 3rd quarter valued at $80,000. Stablepoint Partners LLC raised its holdings in shares of Bank of America by 10.5% in the third quarter. Stablepoint Partners LLC now owns 8,508 shares of the financial services provider’s stock valued at $338,000 after buying an additional 811 shares during the last quarter. CX Institutional raised its holdings in shares of Bank of America by 5.3% in the third quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock valued at $1,320,000 after buying an additional 1,667 shares during the last quarter. Wesbanco Bank Inc. boosted its stake in shares of Bank of America by 0.9% during the third quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after buying an additional 348 shares during the period. Finally, Cliftonlarsonallen Wealth Advisors LLC grew its holdings in shares of Bank of America by 4.2% during the third quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 32,022 shares of the financial services provider’s stock worth $1,271,000 after buying an additional 1,283 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $46.80 on Wednesday. The company has a 50-day moving average of $45.77 and a two-hundred day moving average of $42.96. The stock has a market cap of $359.08 billion, a P/E ratio of 14.53, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, research analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Ratings Changes

A number of analysts have weighed in on BAC shares. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.