BlueChip Wealth Advisors LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

BlueChip Wealth Advisors LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,389 shares of the financial services provider’s stock after selling 972 shares during the quarter. BlueChip Wealth Advisors LLC’s holdings in Bank of America were worth $413,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth $5,226,989,000. Bank of New York Mellon Corp grew its position in shares of Bank of America by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after buying an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Bank of America by 3.7% in the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after acquiring an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after acquiring an additional 297,858 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. Evercore ISI cut their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Trading Down 3.1 %

NYSE BAC opened at $41.24 on Friday. The stock has a market cap of $313.50 billion, a P/E 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 12-month low of $34.15 and a 12-month high of $48.08. The company has a fifty day simple moving average of $44.45 and a two-hundred day simple moving average of $43.86.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 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.