Alerus Financial NA Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Posted by Defense World Staff on Jun 13th, 2023

Alerus Financial NA trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 12.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,022 shares of the financial services provider’s stock after selling 1,912 shares during the period. Alerus Financial NA’s holdings in Bank of America were worth $431,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in BAC. Legend Financial Advisors Inc. increased its holdings in Bank of America by 6,772.7% during the fourth quarter. Legend Financial Advisors Inc. now owns 756 shares of the financial services provider’s stock valued at $25,000 after buying an additional 745 shares during the last quarter. Tanglewood Legacy Advisors LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $26,000. Grey Fox Wealth Advisors LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $35,000. Mendota Financial Group LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $36,000. Finally, Marshall & Sullivan Inc. WA purchased a new stake in Bank of America during the fourth quarter valued at approximately $38,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $29.13 on Tuesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a fifty day moving average price of $28.50 and a 200 day moving average price of $31.53. Bank of America Co. has a fifty-two week low of $26.32 and a fifty-two week high of $38.60. The firm has a market cap of $232.14 billion, a price-to-earnings ratio of 8.75, a P/E/G ratio of 1.22 and a beta of 1.37.

Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.83 by $0.11. Bank of America had a net margin of 21.85% and a return on equity of 11.72%. The business had revenue of $26.26 billion during the quarter, compared to analyst estimates of $25.28 billion. During the same quarter last year, the business earned $0.80 earnings per share. Bank of America’s quarterly revenue was up 13.0% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.42 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 2nd will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, June 1st. This represents a $0.88 annualized dividend and a yield of 3.02%. Bank of America’s dividend payout ratio (DPR) is currently 26.43%.

Analysts Set New Price Targets

A number of brokerages have commented on BAC. Morgan Stanley upped their target price on shares of Bank of America from $31.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. Wells Fargo & Company reduced their target price on shares of Bank of America from $52.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, April 3rd. Evercore ISI dropped their price target on shares of Bank of America from $36.00 to $35.00 in a research report on Friday, May 12th. 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 research report on Wednesday, March 8th. Finally, StockNews.com began coverage on shares of Bank of America in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.77.

About Bank of America

(Get Rating)

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.