Bank of Stockton Reduces Holdings in Bank of America Co. (NYSE:BAC)

Bank of Stockton reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 18.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,230 shares of the financial services provider’s stock after selling 3,896 shares during the quarter. Bank of Stockton’s holdings in Bank of America were worth $757,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Swedbank AB increased its holdings in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares in the last quarter. Elevated Capital Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth about $311,000. Wallington Asset Management LLC boosted its stake in shares of Bank of America by 12.0% during the 3rd quarter. Wallington Asset Management LLC now owns 263,408 shares of the financial services provider’s stock worth $10,452,000 after purchasing an additional 28,160 shares during the last quarter. McAdam LLC boosted its stake in shares of Bank of America by 3.5% during the 3rd quarter. McAdam LLC now owns 11,836 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 402 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Barclays raised their price target on shares of 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 raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Evercore ISI decreased their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of Bank of America stock opened at $45.31 on Friday. 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 company’s 50-day moving average price is $45.77 and its two-hundred day moving average price is $43.27. Bank of America Co. has a 52 week low of $33.17 and a 52 week high of $48.08. The stock has a market cap of $347.62 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.

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, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.30%. Bank of America’s payout ratio is presently 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.