Wrapmanager Inc. Sells 2,711 Shares of Bank of America Co. (NYSE:BAC)

Wrapmanager Inc. decreased its stake in Bank of America Co. (NYSE:BAC) by 4.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,235 shares of the financial services provider’s stock after selling 2,711 shares during the period. Wrapmanager Inc.’s holdings in Bank of America were worth $2,384,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Accent Capital Management LLC increased its stake in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments lifted its position in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC lifted its position in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Clarendon Private LLC purchased a new stake in Bank of America during the 4th quarter valued at $798,000. Finally, Baker Avenue Asset Management LP increased its holdings in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on BAC. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. HSBC raised 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. Evercore ISI lowered their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Truist Financial boosted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 0.7 %

BAC opened at $44.48 on Tuesday. The company has a market cap of $341.25 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. Bank of America Co. has a twelve month low of $33.53 and a twelve month high of $48.08. The company has a 50-day moving average price of $45.73 and a 200 day moving average price of $43.46. 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 issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The business’s revenue was up 15.0% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.7 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, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. Bank of America’s payout ratio 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.