Sigma Planning Corp Lowers Holdings in Bank of America Co. (NYSE:BAC)

Sigma Planning Corp decreased its position in Bank of America Co. (NYSE:BAC) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 104,711 shares of the financial services provider’s stock after selling 1,975 shares during the period. Sigma Planning Corp’s holdings in Bank of America were worth $4,602,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Collier Financial bought a new position in Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc raised its stake in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank bought a new position in Bank of America in the third quarter worth approximately $29,000. Highline Wealth Partners LLC raised its stake in 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 worth $37,000 after buying an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new position in Bank of America in the fourth quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $44.80 on Friday. Bank of America Co. has a one year low of $33.37 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 $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. The firm’s fifty day moving average is $45.75 and its two-hundred day moving average is $43.37.

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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. 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. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the stock 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 upped their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler reduced their price target on 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. Finally, Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.