Wealthspire Advisors LLC Sells 34,381 Shares of Bank of America Co. (NYSE:BAC)

Wealthspire Advisors LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 20.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 132,249 shares of the financial services provider’s stock after selling 34,381 shares during the quarter. Wealthspire Advisors LLC’s holdings in Bank of America were worth $5,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. TCW Group Inc. lifted its position in Bank of America by 1.4% during the fourth quarter. TCW Group Inc. now owns 93,594 shares of the financial services provider’s stock valued at $4,113,000 after purchasing an additional 1,301 shares during the last quarter. Fisher Funds Management LTD bought a new stake in Bank of America during the fourth quarter valued at approximately $7,936,000. Pinnacle Financial Partners Inc lifted its position in Bank of America by 0.3% during the fourth quarter. Pinnacle Financial Partners Inc now owns 441,079 shares of the financial services provider’s stock valued at $17,715,000 after purchasing an additional 1,345 shares during the last quarter. Navellier & Associates Inc. lifted its holdings in shares of Bank of America by 39.4% in the 4th quarter. Navellier & Associates Inc. now owns 17,844 shares of the financial services provider’s stock worth $784,000 after acquiring an additional 5,044 shares during the last quarter. Finally, Wealth Management Nebraska bought a new stake in shares of Bank of America in the 4th quarter worth approximately $205,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BAC shares. Truist Financial boosted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 1.1 %

Shares of BAC opened at $44.80 on Monday. The company has a market cap of $343.71 billion, a PE ratio of 13.91, a P/E/G ratio of 1.22 and a beta of 1.33. The business has a fifty day moving average of $45.75 and a 200 day moving average of $43.41. Bank of America Co. has a 52-week low of $33.37 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 2.32%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Bank of America 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.