Strategic Advocates LLC Has $416,000 Position in Bank of America Co. (NYSE:BAC)

Strategic Advocates LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 46.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,474 shares of the financial services provider’s stock after selling 8,106 shares during the period. Strategic Advocates LLC’s holdings in Bank of America were worth $416,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Geode Capital Management LLC raised its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares during the period. Fisher Asset Management LLC raised its stake in Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after acquiring an additional 1,731,003 shares during the period. Sanders Capital LLC lifted its holdings in Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on BAC shares. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Evercore ISI dropped their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. One investment 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Down 0.1 %

Shares of NYSE:BAC opened at $46.68 on Friday. The firm has a market cap of $358.19 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.27 and a beta of 1.33. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The business has a fifty day simple moving average of $45.85 and a 200 day simple moving average of $42.73. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

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 paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 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.