Resonant Capital Advisors LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 15.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,710 shares of the financial services provider’s stock after selling 1,443 shares during the period. Resonant Capital Advisors LLC’s holdings in Bank of America were worth $255,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Avondale Wealth Management acquired a new stake in shares of Bank of America during the third quarter worth $30,000. WD Rutherford LLC acquired a new position in Bank of America in the third quarter valued at about $33,000. Marshall & Sullivan Inc. WA acquired a new position in Bank of America in the fourth quarter valued at about $38,000. McElhenny Sheffield Capital Management LLC acquired a new position in Bank of America in the fourth quarter valued at about $38,000. Finally, Ten Capital Wealth Advisors LLC grew its stake in Bank of America by 1,491.8% in the third quarter. Ten Capital Wealth Advisors LLC now owns 1,162 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,089 shares during the period. 68.34% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, insider Matthew M. Koder sold 214,745 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total value of $7,711,492.95. Following the transaction, the insider now owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Matthew M. Koder sold 105,054 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $10,959,648.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew M. Koder sold 214,745 shares of the company’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 completion of the transaction, the insider now directly owns 214,747 shares in the company, valued at approximately $7,711,564.77. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.
Bank of America Price Performance
Bank of America (NYSE:BAC – Get Rating) last announced its quarterly 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 return on equity of 11.41% and a net margin of 23.93%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.82 earnings per share. On average, analysts predict that Bank of America Co. will post 3.35 EPS for the current year.
Bank of America Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Friday, March 3rd were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Thursday, March 2nd. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Analysts Set New Price Targets
A number of research analysts have issued reports on the company. Oppenheimer decreased their target price on Bank of America from $53.00 to $44.00 and set an “outperform” rating for the company in a research note on Thursday, March 23rd. Morgan Stanley cut their price target on Bank of America from $38.00 to $37.00 and set an “equal weight” rating on the stock in a report on Thursday, December 15th. Royal Bank of Canada cut their price target on Bank of America from $40.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, March 24th. Barclays cut their price target on Bank of America from $51.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, January 3rd. Finally, Piper Sandler lowered Bank of America from a “neutral” rating to an “underweight” rating and cut their price target for the company from $36.00 to $33.00 in a report on Tuesday, January 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus price target of $39.28.
About Bank of America
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 (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
Read More
- Get a free copy of the StockNews.com research report on Bank of America (BAC)
- MarketBeat Week in Review – 3/27 – 3/31
- What is a Gold IRA, and is it a Viable Investment?
- Is Braze Inc Ready To Rocket Higher?
- Mullen Automotive Makes Deliveries; Short-Squeeze Possible
- Can Frontline Maintain This Momentum?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC – Get Rating).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.
