International Assets Investment Management LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

International Assets Investment Management LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 98.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 88,174 shares of the financial services provider’s stock after selling 4,459,614 shares during the quarter. International Assets Investment Management LLC’s holdings in Bank of America were worth $3,905,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BAC. Range Financial Group LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $385,000. Spartan Planning & Wealth Management acquired a new position in shares of Bank of America in the 4th quarter valued at $671,000. Regent Peak Wealth Advisors LLC grew its position in shares of Bank of America by 10.3% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after buying an additional 1,116 shares during the last quarter. Diversified Trust Co grew its position in shares of Bank of America by 29.7% in the 4th quarter. Diversified Trust Co now owns 210,281 shares of the financial services provider’s stock valued at $9,242,000 after buying an additional 48,209 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. raised its stake in Bank of America by 7.7% during the 4th quarter. Canandaigua National Bank & Trust Co. now owns 119,889 shares of the financial services provider’s stock worth $5,269,000 after acquiring an additional 8,543 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BAC shares. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday. Truist Financial began coverage on shares of Bank of America in a report on Tuesday. They set a “buy” rating and a $52.00 price objective on the stock. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.

Bank of America Stock Down 0.7 %

Shares of NYSE:BAC traded down $0.32 during mid-day trading on Wednesday, hitting $45.76. 6,471,098 shares of the company traded hands, compared to its average volume of 25,054,395. The firm has a market cap of $351.11 billion, a P/E ratio of 16.64, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The firm’s 50 day simple moving average is $45.30 and its 200 day simple moving average is $42.09. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.27%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

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.