Bank of America Co. (NYSE:BAC) Shares Sold by Philip James Wealth Mangement LLC

Philip James Wealth Mangement LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 21.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 190,682 shares of the financial services provider’s stock after selling 53,006 shares during the quarter. Bank of America makes up approximately 1.1% of Philip James Wealth Mangement LLC’s holdings, making the stock its 18th biggest holding. Philip James Wealth Mangement LLC’s holdings in Bank of America were worth $8,380,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Accent Capital Management LLC raised its stake in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments raised its stake in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares during the period. Geode Capital Management LLC raised its stake in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Clarendon Private LLC bought a new position in Bank of America in the 4th quarter worth about $798,000. Finally, Baker Avenue Asset Management LP grew its position in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.4 %

Shares of NYSE:BAC opened at $46.98 on Monday. 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 stock has a market capitalization of $360.47 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.49 and a 1-year high of $48.08. The company has a 50 day moving average price of $45.75 and a 200 day moving average price of $43.10.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.70 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Ratings Changes

Several research analysts have commented on BAC shares. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods upped 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 report on Tuesday, December 3rd. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Piper Sandler decreased their target price 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. Finally, Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research 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 assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average 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.