Bank of America Co. (NYSE:BAC) Stake Reduced by Accent Capital Management LLC

Accent Capital Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 21.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 31,000 shares of the financial services provider’s stock after selling 8,500 shares during the period. Bank of America comprises approximately 0.8% of Accent Capital Management LLC’s portfolio, making the stock its 24th biggest holding. Accent Capital Management LLC’s holdings in Bank of America were worth $1,362,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter valued at $29,000. Finally, Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the fourth 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. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 3.1 %

BAC opened at $41.24 on Friday. The business has a 50 day moving average of $44.45 and a 200-day moving average of $43.86. The stock has a market capitalization of $313.50 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. 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 $34.15 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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 was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 EPS. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

A number of analysts have recently issued reports on BAC shares. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Morgan Stanley upped their price target on shares of 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. Piper Sandler lowered their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.45.

About Bank of America

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.