Abacus Planning Group Inc. Sells 1,088 Shares of Bank of America Co. (NYSE:BAC)

Abacus Planning Group Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 2.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 52,570 shares of the financial services provider’s stock after selling 1,088 shares during the period. Abacus Planning Group Inc.’s holdings in Bank of America were worth $2,310,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Accent Capital Management LLC boosted its holdings in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Summit Global Investments boosted its holdings in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 1,700,141 shares in the last quarter. Clarendon Private LLC bought a new stake in Bank of America in the fourth quarter valued at $798,000. Finally, Baker Avenue Asset Management LP boosted its holdings in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.03 on Thursday. Bank of America Co. has a fifty-two week low of $33.17 and a fifty-two week high of $48.08. The business has a 50-day simple moving average of $45.79 and a two-hundred day simple moving average of $43.25. 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 $353.14 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. On average, analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BAC. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Barclays raised their price objective 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. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.