Bank of America Co. (NYSE:BAC) Shares Sold by SOL Capital Management CO

SOL Capital Management CO cut its position in Bank of America Co. (NYSE:BAC) by 18.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 97,402 shares of the financial services provider’s stock after selling 22,300 shares during the quarter. SOL Capital Management CO’s holdings in Bank of America were worth $4,281,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Cairn Investment Group Inc. bought a new stake in shares of Bank of America in the 4th quarter worth approximately $210,000. OLD National Bancorp IN grew its position in shares of Bank of America by 3.5% during the fourth quarter. OLD National Bancorp IN now owns 68,721 shares of the financial services provider’s stock worth $3,020,000 after acquiring an additional 2,305 shares during the last quarter. Abel Hall LLC lifted its position in Bank of America by 3.2% in the 4th quarter. Abel Hall LLC now owns 8,546 shares of the financial services provider’s stock valued at $376,000 after purchasing an additional 266 shares during the last quarter. Baron Wealth Management LLC acquired a new position in shares of Bank of America during the fourth quarter worth approximately $596,000. Finally, Kaufman Rossin Wealth LLC bought a new position in Bank of America in the 4th quarter worth approximately $205,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

NYSE:BAC opened at $46.68 on Friday. The firm has a market capitalization of $358.19 billion, a PE ratio of 14.50, a PEG ratio of 1.27 and a beta of 1.33. The firm’s fifty day simple moving average is $45.85 and its 200 day simple moving average is $42.73. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its 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. The business had revenue of $25.30 billion for 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%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America’s payout ratio is presently 32.30%.

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.