Watts Gwilliam & Co. LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Watts Gwilliam & Co. LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 9.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,518 shares of the financial services provider’s stock after selling 6,098 shares during the period. Watts Gwilliam & Co. LLC’s holdings in Bank of America were worth $2,604,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Qsemble Capital Management LP purchased a new stake in Bank of America in the second quarter valued at $1,668,000. Lansing Street Advisors increased its position in shares of Bank of America by 2.0% during the second quarter. Lansing Street Advisors now owns 23,066 shares of the financial services provider’s stock worth $917,000 after purchasing an additional 456 shares in the last quarter. Vest Financial LLC lifted its holdings in shares of Bank of America by 11.4% in the 2nd quarter. Vest Financial LLC now owns 562,249 shares of the financial services provider’s stock valued at $22,361,000 after purchasing an additional 57,426 shares during the last quarter. D Orazio & Associates Inc. acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $237,000. Finally, Ullmann Wealth Partners Group LLC grew its stake in Bank of America by 1.4% during the 2nd quarter. Ullmann Wealth Partners Group LLC now owns 31,599 shares of the financial services provider’s stock worth $1,257,000 after buying an additional 440 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Evercore ISI increased their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler increased their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Finally, Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Trading Up 0.3 %

Shares of BAC stock opened at $46.21 on Friday. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $45.46 and a 200-day simple moving average of $42.15. The stock has a market cap of $354.56 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.29% of the stock is owned by insiders.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.