Congress Wealth Management LLC DE Trims Position in Bank of America Co. (NYSE:BAC)

Congress Wealth Management LLC DE decreased its position in Bank of America Co. (NYSE:BAC) by 19.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 106,691 shares of the financial services provider’s stock after selling 25,085 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Bank of America were worth $4,689,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Collier Financial purchased a new position in shares of Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 4th quarter valued at about $29,000. Highline Wealth Partners LLC raised its stake in Bank of America by 152.7% during 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 period. Finally, Mascoma Wealth Management LLC increased its stake in shares of Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BAC shares. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Evercore ISI cut their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One investment 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Trading Up 0.6 %

Shares of BAC opened at $43.31 on Wednesday. The company’s fifty day simple moving average is $44.72 and its 200-day simple moving average is $43.87. The company has a market cap of $329.28 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.21 and a beta of 1.32. 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 Co. has a twelve month low of $34.15 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 earnings per share. As a group, analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.