Guggenheim Capital LLC Sells 248,719 Shares of Bank of America Co. (NYSE:BAC)

Guggenheim Capital LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 53.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 218,423 shares of the financial services provider’s stock after selling 248,719 shares during the quarter. Guggenheim Capital LLC’s holdings in Bank of America were worth $9,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Graney & King LLC acquired a new stake in Bank of America in the 4th quarter worth about $25,000. Collier Financial bought a new position in shares of Bank of America during the fourth quarter worth approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $29,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after buying an additional 276 shares during the period. Finally, Highline Wealth Partners LLC grew its position in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $37.35 on Thursday. The business has a 50-day moving average of $41.65 and a 200-day moving average of $43.62. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $283.96 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.78%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research 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 on the stock in a research note on Tuesday, January 7th. Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday. Morgan Stanley increased their price target 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. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.20.

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.