Bank of America Co. (NYSE:BAC) Shares Sold by Lynch & Associates IN

Lynch & Associates IN lowered its position in shares of Bank of America Co. (NYSE:BAC) by 1.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 144,438 shares of the financial services provider’s stock after selling 2,519 shares during the quarter. Bank of America makes up approximately 1.4% of Lynch & Associates IN’s holdings, making the stock its 23rd biggest holding. Lynch & Associates IN’s holdings in Bank of America were worth $6,348,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BAC. Bruce G. Allen Investments LLC raised its stake in shares of Bank of America by 6.7% in the 4th quarter. Bruce G. Allen Investments LLC now owns 9,854 shares of the financial services provider’s stock valued at $433,000 after acquiring an additional 619 shares during the period. Atlas Brown Inc. raised its position in shares of Bank of America by 4.3% in the 4th quarter. Atlas Brown Inc. now owns 38,590 shares of the financial services provider’s stock valued at $1,696,000 after purchasing an additional 1,584 shares in the last quarter. Sage Capital Advisors llc grew its holdings in Bank of America by 78.7% during the 4th quarter. Sage Capital Advisors llc now owns 11,331 shares of the financial services provider’s stock worth $498,000 after acquiring an additional 4,989 shares in the last quarter. Highline Wealth Partners LLC increased its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Bank of America by 2.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 149,812 shares of the financial services provider’s stock valued at $6,584,000 after acquiring an additional 3,608 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BAC shares. Truist Financial initiated coverage on Bank of America in a research note on Tuesday. They issued a “buy” rating and a $52.00 target price on the stock. Piper Sandler raised their target price on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday. Oppenheimer dropped their price target on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Down 2.3 %

NYSE BAC traded down $1.07 during trading hours on Friday, hitting $45.14. 40,680,071 shares of the company traded hands, compared to its average volume of 33,333,559. The stock has a market capitalization of $346.35 billion, a price-to-earnings ratio of 16.41, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The business’s 50-day moving average is $45.46 and its 200-day moving average is $42.15. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the company posted $0.90 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a $0.26 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

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.