Skylands Capital LLC Sells 11,100 Shares of Bank of America Co. (NYSE:BAC)

Skylands Capital LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 14.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,425 shares of the financial services provider’s stock after selling 11,100 shares during the quarter. Skylands Capital LLC’s holdings in Bank of America were worth $2,875,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of BAC. Swedbank AB raised its stake in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Silver Oak Securities Incorporated raised its stake in shares of Bank of America by 40.7% in the third quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 3,164 shares in the last quarter. Consolidated Portfolio Review Corp raised its stake in shares of Bank of America by 3.4% in the third quarter. Consolidated Portfolio Review Corp now owns 12,871 shares of the financial services provider’s stock valued at $511,000 after purchasing an additional 419 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Bank of America by 1.9% in the third quarter. GHP Investment Advisors Inc. now owns 130,349 shares of the financial services provider’s stock valued at $5,172,000 after purchasing an additional 2,467 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Bank of America by 2.8% in the third quarter. DekaBank Deutsche Girozentrale now owns 6,319,991 shares of the financial services provider’s stock valued at $247,637,000 after purchasing an additional 172,779 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Bank of America stock opened at $44.80 on Monday. The business’s 50-day simple moving average is $45.75 and its 200 day simple moving average is $43.41. The stock has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 1.22 and a beta of 1.33. Bank of America Co. has a 12-month low of $33.37 and a 12-month high of $48.08. 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 posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.70 earnings per share. As a group, research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 dividend payout ratio 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.