Grandview Asset Management LLC Sells 357 Shares of Bank of America Co. (NYSE:BAC)

Grandview Asset Management LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,272 shares of the financial services provider’s stock after selling 357 shares during the period. Grandview Asset Management LLC’s holdings in Bank of America were worth $759,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Accent Capital Management LLC lifted its stake in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments increased its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.2% during the third 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 last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. bought a new position in shares of Bank of America in the third quarter worth about $550,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.0 %

Shares of BAC stock opened at $45.09 on Tuesday. The stock’s fifty day moving average price is $45.61 and its 200 day moving average price is $42.27. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The company has a market cap of $345.97 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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

Bank of America Announces Dividend

The business also recently declared 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 of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BAC shares. 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. Evercore ISI boosted their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Oppenheimer reduced their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.