Scott & Selber Inc. Lowers Stake in Bank of America Co. (NYSE:BAC)

Scott & Selber Inc. lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,606 shares of the financial services provider’s stock after selling 1,863 shares during the period. Bank of America makes up 1.4% of Scott & Selber Inc.’s investment portfolio, making the stock its 18th largest holding. Scott & Selber Inc.’s holdings in Bank of America were worth $4,685,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Collier Financial bought a new position in shares of Bank of America during the fourth quarter valued at $25,000. Life Planning Partners Inc grew its position in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in Bank of America in the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.3 %

Shares of Bank of America stock opened at $45.51 on Tuesday. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The company’s fifty day simple moving average is $45.81 and its 200-day simple moving average is $43.67. 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 stock has a market capitalization of $346.09 billion, a PE ratio of 14.13, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results 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 return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.29%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BAC shares. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price 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.