Stephens Inc. AR Cuts Holdings in Bank of America Co. (NYSE:BAC)

Stephens Inc. AR decreased its position in Bank of America Co. (NYSE:BAC) by 4.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 640,626 shares of the financial services provider’s stock after selling 30,947 shares during the period. Stephens Inc. AR’s holdings in Bank of America were worth $28,156,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter valued at about $29,000. Highline Wealth Partners LLC grew its position in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $42,000. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the third quarter valued at about $45,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Bank of America in the fourth quarter valued at about $70,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

Shares of NYSE:BAC opened at $47.43 on Friday. The stock has a market cap of $363.89 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.29 and a beta of 1.33. The firm has a fifty day moving average price of $45.77 and a 200 day moving average price of $42.92. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. 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 announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company 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%. Bank of America’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. Sell-side analysts predict 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. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BAC. Piper Sandler lowered 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 research report on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. 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 note on Friday, January 17th. Finally, Barclays upped their target price 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Company 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.