Bank of America Co. (NYSE:BAC) Shares Sold by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 3.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,696 shares of the financial services provider’s stock after selling 5,364 shares during the quarter. Bank of America accounts for about 1.2% of SevenBridge Financial Group LLC’s holdings, making the stock its 19th biggest position. SevenBridge Financial Group LLC’s holdings in Bank of America were worth $6,256,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Principal Financial Group Inc. grew its stake in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Edgestream Partners L.P. increased its stake in shares of Bank of America by 221.3% during the 3rd quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider’s stock worth $823,000 after purchasing an additional 14,281 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of Bank of America by 3,007.7% during the 3rd quarter. Benjamin Edwards Inc. now owns 108,148 shares of the financial services provider’s stock worth $4,291,000 after purchasing an additional 104,668 shares during the last quarter. Beacon Investment Advisory Services Inc. lifted its stake in Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after buying an additional 231 shares in the last quarter. Finally, Hilltop Holdings Inc. grew its holdings in Bank of America by 41.8% during the 3rd quarter. Hilltop Holdings Inc. now owns 49,813 shares of the financial services provider’s stock valued at $1,977,000 after buying an additional 14,674 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $41.49 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The company has a market capitalization of $315.42 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.21 and a beta of 1.32. The business has a 50-day moving average of $44.25 and a 200-day moving average of $43.97.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping 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 business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 earnings per share. On average, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on BAC shares. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Evercore ISI lowered their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Citigroup lowered their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

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.