Wealth Architects LLC Trims Stake in Bank of America Co. (NYSE:BAC)

Wealth Architects LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 2.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 28,976 shares of the financial services provider’s stock after selling 869 shares during the period. Wealth Architects LLC’s holdings in Bank of America were worth $1,273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Lederer & Associates Investment Counsel CA grew its stake in shares of Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after buying an additional 217 shares in the last quarter. Avalon Trust Co grew its stake in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its stake in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares in the last quarter. Marino Stram & Associates LLC grew its stake in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management grew its stake in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 3.3 %

Bank of America stock opened at $40.97 on Monday. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $311.45 billion, a P/E ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. The stock has a 50-day simple moving average of $45.19 and a 200-day simple moving average of $43.76.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

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.