Northern Financial Advisors Inc Has $621,000 Position in Bank of America Co. (NYSE:BAC)

Northern Financial Advisors Inc cut its holdings in Bank of America Co. (NYSE:BAC) by 10.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,131 shares of the financial services provider’s stock after selling 1,570 shares during the quarter. Northern Financial Advisors Inc’s holdings in Bank of America were worth $621,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. CX Institutional grew its holdings in Bank of America by 5.3% in the third quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after purchasing an additional 1,667 shares during the period. Swedbank AB boosted its stake in shares of Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Bank of America by 33.3% during the third quarter. Vontobel Holding Ltd. now owns 207,961 shares of the financial services provider’s stock valued at $8,252,000 after acquiring an additional 51,903 shares during the last quarter. Physician Wealth Advisors Inc. lifted its holdings in Bank of America by 8.7% during the third quarter. Physician Wealth Advisors Inc. now owns 7,570 shares of the financial services provider’s stock worth $319,000 after acquiring an additional 604 shares during the period. Finally, Twelve Points Wealth Management LLC boosted its position in Bank of America by 4.4% in the third quarter. Twelve Points Wealth Management LLC now owns 8,808 shares of the financial services provider’s stock worth $350,000 after purchasing an additional 369 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $46.32 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $355.40 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 1.29 and a beta of 1.33. The firm’s fifty day moving average is $45.76 and its two-hundred day moving average is $43.02. Bank of America Co. has a one year low of $32.49 and a one year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Company Profile

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.