Hudson Valley Investment Advisors Inc. ADV Sells 1,108 Shares of Bank of America Co. (NYSE:BAC)

Hudson Valley Investment Advisors Inc. ADV trimmed its stake in Bank of America Co. (NYSE:BAC) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,628 shares of the financial services provider’s stock after selling 1,108 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Bank of America were worth $4,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Qsemble Capital Management LP purchased a new stake in shares of Bank of America in the 2nd quarter worth $1,668,000. Lansing Street Advisors grew its holdings in Bank of America by 2.0% during the 2nd quarter. Lansing Street Advisors now owns 23,066 shares of the financial services provider’s stock worth $917,000 after acquiring an additional 456 shares in the last quarter. Vest Financial LLC increased its position in Bank of America by 11.4% during the 2nd quarter. Vest Financial LLC now owns 562,249 shares of the financial services provider’s stock valued at $22,361,000 after purchasing an additional 57,426 shares during the period. D Orazio & Associates Inc. purchased a new position in Bank of America during the 2nd quarter valued at about $237,000. Finally, Ullmann Wealth Partners Group LLC raised its holdings in shares of Bank of America by 1.4% in the 2nd quarter. Ullmann Wealth Partners Group LLC now owns 31,599 shares of the financial services provider’s stock valued at $1,257,000 after purchasing an additional 440 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a report on Tuesday. Evercore ISI upped their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Truist Financial began coverage on Bank of America in a research report on Tuesday. They set a “buy” rating and a $52.00 price objective on the stock. Finally, Oppenheimer reduced their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Insider Activity at Bank of America

In related 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 transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. 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 currently owned by insiders.

Bank of America Stock Up 0.3 %

Bank of America stock opened at $46.21 on Friday. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a market cap of $354.56 billion, a PE ratio of 16.80, a PEG ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s 50-day simple moving average is $45.46 and its two-hundred day simple moving average is $42.15.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is presently 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.