Alta Wealth Advisors LLC Sells 273 Shares of Bank of America Co. (NYSE:BAC)

Alta Wealth Advisors LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 4.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,446 shares of the financial services provider’s stock after selling 273 shares during the quarter. Alta Wealth Advisors LLC’s holdings in Bank of America were worth $239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Keudell Morrison Wealth Management boosted its holdings 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 worth $364,000 after buying an additional 223 shares during the last quarter. Evernest Financial Advisors LLC increased its stake in Bank of America by 5.7% in the 4th quarter. Evernest Financial Advisors LLC now owns 18,279 shares of the financial services provider’s stock worth $803,000 after buying an additional 983 shares in the last quarter. Heritage Financial Services LLC raised its stake in Bank of America by 5.6% during the 4th quarter. Heritage Financial Services LLC now owns 7,314 shares of the financial services provider’s stock valued at $321,000 after purchasing an additional 388 shares during the period. Fiduciary Advisors Inc. purchased a new stake in Bank of America during the 4th quarter valued at approximately $1,003,000. Finally, Cibc World Market Inc. raised its position in shares of Bank of America by 30.2% during the fourth quarter. Cibc World Market Inc. now owns 3,900,737 shares of the financial services provider’s stock valued at $171,437,000 after buying an additional 905,046 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Truist Financial lifted their price objective 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. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of 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 assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 0.1 %

NYSE:BAC opened at $46.68 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $358.19 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company has a 50-day moving average of $45.85 and a 200 day moving average of $42.76. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for 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 company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. As a group, research analysts anticipate that Bank of America Co. will post 3.67 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. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.