Visionary Horizons LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

Visionary Horizons LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 5.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,632 shares of the financial services provider’s stock after selling 441 shares during the quarter. Visionary Horizons LLC’s holdings in Bank of America were worth $335,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its holdings in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Retirement Wealth Solutions LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $42,000. Northwest Investment Counselors LLC purchased a new position in Bank of America during the third quarter valued at approximately $45,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in Bank of America during the fourth quarter valued at approximately $70,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $47.43 on Friday. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. 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 firm has a market cap of $363.89 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33. The firm’s fifty day moving average is $45.77 and its two-hundred day moving average is $42.92.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target 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.