Cetera Advisors LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

Posted by Defense World Staff on Jun 13th, 2023

Cetera Advisors LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 44.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,591 shares of the financial services provider’s stock after selling 118,267 shares during the period. Cetera Advisors LLC’s holdings in Bank of America were worth $4,954,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Legend Financial Advisors Inc. increased its stake in shares of 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 worth $25,000 after purchasing an additional 745 shares in the last quarter. Tanglewood Legacy Advisors LLC acquired a new position in Bank of America during the fourth quarter worth about $26,000. Grey Fox Wealth Advisors LLC acquired a new position in Bank of America during the fourth quarter worth about $35,000. Mendota Financial Group LLC acquired a new position in Bank of America during the fourth quarter worth about $36,000. Finally, Marshall & Sullivan Inc. WA acquired a new position in Bank of America during the fourth quarter worth about $38,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BAC shares. Citigroup lowered their price target on shares of Bank of America from $38.00 to $33.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 19th. BMO Capital Markets lowered their price target on shares of Bank of America from $43.00 to $41.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 19th. The Goldman Sachs Group lowered their price target on shares of Bank of America from $39.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 3rd. Barclays lowered their price target on shares of Bank of America from $48.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 12th. Finally, UBS Group boosted their target price on shares of Bank of America from $34.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus target price of $36.77.

Bank of America Price Performance

Bank of America stock opened at $29.13 on Tuesday. The company’s 50 day simple moving average is $28.50 and its 200-day simple moving average is $31.53. The company has a market capitalization of $232.14 billion, a price-to-earnings ratio of 8.75, a price-to-earnings-growth ratio of 1.22 and a beta of 1.37. Bank of America Co. has a 1 year low of $26.32 and a 1 year high of $38.60. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.82 and a current ratio of 0.82.

Bank of America (NYSE:BAC – Get Rating) last announced its earnings results on Tuesday, April 18th. The financial services provider reported $0.94 earnings per share for the quarter, topping 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 firm had revenue of $26.26 billion for the quarter, compared to the consensus estimate of $25.28 billion. During the same period in the prior year, the firm earned $0.80 EPS. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. As a group, equities research analysts expect that Bank of America Co. will post 3.42 earnings per share for the current year.

Bank of America Announces Dividend

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

Bank of America 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 (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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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