Newman Dignan & Sheerar Inc. Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Newman Dignan & Sheerar Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,327 shares of the financial services provider’s stock after selling 1,020 shares during the quarter. Newman Dignan & Sheerar Inc.’s holdings in Bank of America were worth $2,388,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Lederer & Associates Investment Counsel CA raised its stake in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares during the last quarter. Marino Stram & Associates LLC raised its stake in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares in the last quarter. Keudell Morrison Wealth Management raised its stake in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after buying an additional 223 shares in the last quarter. Traveka Wealth LLC raised its stake in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares in the last quarter. Finally, Consolidated Planning Corp raised its stake in shares of Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock worth $356,000 after buying an additional 226 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.98 on Friday. The business’s fifty day moving average price is $45.75 and its two-hundred day moving average price is $43.05. The stock has a market cap of $360.47 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a one year low of $32.49 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The business’s revenue was up 15.0% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. 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 dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BAC shares. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Morgan Stanley increased their target price 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. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Piper Sandler lowered their price target 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.