Carson Advisory Inc. Sells 1,235 Shares of Bank of America Co. (NYSE:BAC)

Carson Advisory Inc. reduced its holdings in Bank of America Co. (NYSE:BAC) by 2.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,538 shares of the financial services provider’s stock after selling 1,235 shares during the period. Bank of America makes up about 1.9% of Carson Advisory Inc.’s investment portfolio, making the stock its 11th largest position. Carson Advisory Inc.’s holdings in Bank of America were worth $2,661,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BAC. Norges Bank acquired a new position in Bank of America during the 4th quarter valued at $5,226,989,000. Amundi raised its position in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the last quarter. Swedbank AB lifted its stake in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after buying an additional 5,733,810 shares during the period. KBC Group NV grew its position in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after buying an additional 5,493,817 shares in the last quarter. Finally, APG Asset Management N.V. increased its stake in Bank of America by 381.9% during the fourth quarter. APG Asset Management N.V. now owns 6,758,370 shares of the financial services provider’s stock valued at $286,847,000 after acquiring an additional 5,355,962 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BAC. Piper Sandler reduced 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. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $35.93 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The stock has a market capitalization of $273.20 billion, a P/E ratio of 11.16, a P/E/G ratio of 1.21 and a beta of 1.24. The business has a 50-day moving average price of $42.25 and a two-hundred day moving average price of $43.69.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 business 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 business posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.89%. Bank of America’s dividend payout ratio is presently 32.30%.

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.