Everence Capital Management Inc. Has $7.82 Million Position in Bank of America Co. (NYSE:BAC)

Everence Capital Management Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 13.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 177,970 shares of the financial services provider’s stock after selling 26,490 shares during the quarter. Everence Capital Management Inc.’s holdings in Bank of America were worth $7,822,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Longfellow Investment Management Co. LLC grew its position in Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after buying an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its holdings in shares of Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares in the last quarter. Integrity Financial Corp WA increased its position in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the period. Cahill Financial Advisors Inc. raised its stake in Bank of America by 2.1% in the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 249 shares in the last quarter. Finally, Chicago Capital LLC lifted its position in Bank of America by 1.8% during the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 250 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Oppenheimer decreased their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday. Piper Sandler boosted their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.82.

Bank of America Trading Up 0.4 %

BAC traded up $0.17 during midday trading on Friday, hitting $44.46. 7,344,353 shares of the company were exchanged, compared to its average volume of 16,315,622. The firm’s 50 day moving average price is $45.11 and its 200-day moving average price is $41.94. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The firm has a market capitalization of $341.14 billion, a P/E ratio of 16.17, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 16,772,932 shares of company stock worth $693,852,472 over the last quarter. Company insiders own 0.29% of the company’s stock.

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.