Davis Rea LTD. Reduces Stock Position in Bank of America Co. (NYSE:BAC)

Davis Rea LTD. trimmed its position in Bank of America Co. (NYSE:BAC) by 14.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,119 shares of the financial services provider’s stock after selling 31,426 shares during the period. Bank of America comprises about 4.2% of Davis Rea LTD.’s investment portfolio, making the stock its 14th largest position. Davis Rea LTD.’s holdings in Bank of America were worth $8,312,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of BAC. Swedbank AB increased its stake in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in Bank of America by 202.1% during the third quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock worth $735,000 after purchasing an additional 12,396 shares during the period. Cornerstone Wealth Group LLC raised its stake in Bank of America by 0.3% during the third quarter. Cornerstone Wealth Group LLC now owns 346,634 shares of the financial services provider’s stock worth $13,754,000 after purchasing an additional 1,058 shares during the period. Goldstone Financial Group LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $615,000. Finally, Catalyst Financial Partners LLC grew its stake in shares of Bank of America by 5.5% during the 3rd quarter. Catalyst Financial Partners LLC now owns 29,066 shares of the financial services provider’s stock valued at $1,153,000 after buying an additional 1,513 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.5 %

BAC opened at $44.17 on Friday. Bank of America Co. has a fifty-two week low of $34.03 and a fifty-two week high of $48.08. The company has a market capitalization of $338.87 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s fifty day moving average price is $45.74 and its two-hundred day moving average price is $43.50.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BAC shares. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock 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 company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Evercore ISI reduced their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. One 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.com, the stock has an average 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.