Stockman Wealth Management Inc. Has $10.70 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Stockman Wealth Management Inc. reduced its position in shares of Bank of America Co. (NYSE:BAC) by 0.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 243,427 shares of the financial services provider’s stock after selling 792 shares during the quarter. Bank of America comprises about 1.7% of Stockman Wealth Management Inc.’s portfolio, making the stock its 20th biggest position. Stockman Wealth Management Inc.’s holdings in Bank of America were worth $10,699,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Kennebec Savings Bank acquired a new position in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its holdings 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 worth $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the 4th quarter valued at about $42,000. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 3rd quarter worth approximately $45,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in Bank of America in the fourth quarter worth $70,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One 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’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Bank of America stock opened at $47.43 on Friday. 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. The firm has a 50-day moving average price of $45.77 and a 200-day moving average price of $42.92. The firm has a market capitalization of $363.89 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business 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%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s payout ratio is currently 32.30%.

About Bank of America

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.