Richard W. Paul & Associates LLC Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Richard W. Paul & Associates LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,430 shares of the financial services provider’s stock after selling 710 shares during the quarter. Richard W. Paul & Associates LLC’s holdings in Bank of America were worth $634,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Collier Financial bought a new position in Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc increased its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter worth $29,000. Highline Wealth Partners LLC lifted its position in Bank of America by 152.7% during 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 in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in Bank of America during the fourth quarter valued at about $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $46.19 on Friday. Bank of America Co. has a 52 week low of $34.03 and a 52 week high of $48.08. The firm has a market capitalization of $354.37 billion, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The company has a fifty day simple moving average of $45.78 and a two-hundred day simple moving average of $43.56. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

Several research firms have recently commented on BAC. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Piper Sandler dropped their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America 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.