Bank of America Co. (NYSE:BAC) Shares Sold by Signet Financial Management LLC

Signet Financial Management LLC lowered its position in Bank of America Co. (NYSE:BAC) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,253 shares of the financial services provider’s stock after selling 651 shares during the quarter. Signet Financial Management LLC’s holdings in Bank of America were worth $5,461,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Fairway Wealth LLC acquired a new stake in Bank of America in the second quarter valued at $27,000. Kennebec Savings Bank bought a new stake in shares of Bank of America in the 3rd quarter worth about $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc lifted its position in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the third quarter worth about $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $45.09 on Tuesday. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The firm has a market capitalization of $345.97 billion, a PE ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33. The firm has a 50-day moving average price of $45.61 and a 200 day moving average price of $42.27. 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Evercore ISI increased their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Piper Sandler lifted their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average 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.