Bank of America Co. (NYSE:BAC) Shares Sold by Kessler Investment Group LLC

Kessler Investment Group LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 3.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,076 shares of the financial services provider’s stock after selling 1,275 shares during the quarter. Bank of America makes up about 0.7% of Kessler Investment Group LLC’s holdings, making the stock its 29th largest holding. Kessler Investment Group LLC’s holdings in Bank of America were worth $1,410,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Myriad Asset Management US LP acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $1,544,000. WealthPLAN Partners LLC increased its holdings in shares of Bank of America by 5.5% in the fourth quarter. WealthPLAN Partners LLC now owns 9,228 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 479 shares during the last quarter. PUREfi Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $392,000. ABC Arbitrage SA acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $2,927,000. Finally, Adell Harriman & Carpenter Inc. increased its holdings in shares of Bank of America by 4.8% in the fourth quarter. Adell Harriman & Carpenter Inc. now owns 47,131 shares of the financial services provider’s stock valued at $2,071,000 after purchasing an additional 2,176 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. 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 report on Tuesday, January 7th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. 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 two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Up 1.4 %

Shares of NYSE BAC opened at $46.98 on Friday. The stock has a market cap of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. 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 12-month low of $32.49 and a 12-month high of $48.08. The business’s fifty day simple moving average is $45.75 and its 200-day simple moving average is $43.05.

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 (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 company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.70 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Bank of America 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.