McElhenny Sheffield Capital Management LLC Purchases Shares of 1,139 Bank of America Co. (NYSE:BAC)

Posted by Defense World Staff on Mar 20th, 2023

McElhenny Sheffield Capital Management LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,139 shares of the financial services provider’s stock, valued at approximately $38,000.

Other large investors also recently made changes to their positions in the company. Avondale Wealth Management bought a new stake in Bank of America during the third quarter worth $30,000. WD Rutherford LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $33,000. Ten Capital Wealth Advisors LLC raised its holdings in shares of Bank of America by 1,491.8% in the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 1,162 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,089 shares during the period. Capital Advisors Ltd. LLC lifted its stake in Bank of America by 35.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,500 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 390 shares during the last quarter. Finally, Moisand Fitzgerald Tamayo LLC grew its holdings in Bank of America by 58.0% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 1,593 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 585 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut Bank of America from a “buy” rating to a “hold” rating and cut their price objective for the company from $45.00 to $36.00 in a research report on Friday, January 6th. Keefe, Bruyette & Woods cut shares of Bank of America from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $35.00 to $33.00 in a research report on Wednesday, February 8th. Morgan Stanley dropped their price objective on shares of Bank of America from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 15th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $35.20 price target on the stock. in a research note on Wednesday, March 8th. Finally, Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 price objective for the company. in a research report on Tuesday, January 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $40.16.

Insiders Place Their Bets

In other news, insider Matthew M. Koder sold 105,054 shares of Bank of America stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total value of $3,600,200.58. Following the transaction, the insider now owns 319,803 shares in the company, valued at approximately $10,959,648.81. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Matthew M. Koder sold 214,745 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total value of $7,711,492.95. Following the sale, the insider now directly owns 214,747 shares in the company, valued at approximately $7,711,564.77. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Matthew M. Koder sold 105,054 shares of Bank of America stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the sale, the insider now directly owns 319,803 shares in the company, valued at $10,959,648.81. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $27.82 on Monday. The company has a market cap of $222.67 billion, a price-to-earnings ratio of 8.72, a PEG ratio of 1.17 and a beta of 1.40. Bank of America Co. has a fifty-two week low of $27.62 and a fifty-two week high of $44.63. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.77 and a current ratio of 0.78. The stock has a fifty day moving average price of $34.02 and a 200-day moving average price of $34.07.

Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.09. The business had revenue of $24.50 billion during the quarter, compared to analysts’ expectations of $24.17 billion. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. Bank of America’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.82 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.38 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 3.16%. Bank of America’s dividend payout ratio (DPR) is 27.59%.

About Bank of America

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.