Ferguson Wellman Capital Management Inc. Acquires 5,697 Shares of Bank of America Co. (NYSE:BAC)

Posted by Defense World Staff on Mar 23rd, 2023

Ferguson Wellman Capital Management Inc. lifted its holdings in Bank of America Co. (NYSE:BAC – Get Rating) by 57.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 15,689 shares of the financial services provider’s stock after acquiring an additional 5,697 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Bank of America were worth $520,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Avondale Wealth Management bought a new stake in Bank of America during the 3rd quarter valued at $30,000. WD Rutherford LLC bought a new stake in Bank of America during the 3rd quarter valued at $33,000. Ten Capital Wealth Advisors LLC raised its holdings in Bank of America by 1,491.8% during 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 buying an additional 1,089 shares during the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in Bank of America during the 4th quarter valued at $38,000. Finally, Capital Advisors Ltd. LLC raised its holdings in Bank of America by 35.1% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,500 shares of the financial services provider’s stock valued at $45,000 after buying an additional 390 shares during the last quarter. 68.34% of the stock is currently owned by institutional investors.

Insider Activity at Bank of America

In related news, insider Matthew M. Koder sold 105,054 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $10,959,648.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Matthew M. Koder sold 105,054 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $10,959,648.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew M. Koder sold 214,745 shares of the stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the sale, the insider now directly owns 214,747 shares in the company, valued at $7,711,564.77. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. StockNews.com assumed coverage on shares of Bank of America in a report on Thursday, March 16th. They set a “hold” rating for the company. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $35.20 price target for the company. in a report on Wednesday, March 8th. Piper Sandler lowered shares of Bank of America from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $36.00 to $33.00 in a report on Tuesday, January 17th. Deutsche Bank Aktiengesellschaft lowered shares of Bank of America from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $45.00 to $36.00 in a report on Friday, January 6th. Finally, Morgan Stanley decreased their price objective on shares of Bank of America from $38.00 to $37.00 and set an “equal weight” rating for the company in a report on Thursday, December 15th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $40.16.

Bank of America Stock Down 3.3 %

NYSE:BAC opened at $27.64 on Thursday. The firm’s 50-day moving average price is $33.65 and its 200-day moving average price is $33.95. The company has a market capitalization of $221.23 billion, a PE ratio of 8.66, a P/E/G ratio of 1.17 and a beta of 1.40. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.78 and a quick ratio of 0.77. Bank of America Co. has a 1-year low of $27.62 and a 1-year high of $44.39.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Thursday, March 2nd. Bank of America’s dividend payout ratio is presently 27.59%.

Bank of America Company Profile

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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.