Joel Isaacson & Co. LLC Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Joel Isaacson & Co. LLC reduced its position in Bank of America Co. (NYSE:BAC) by 11.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 83,663 shares of the financial services provider’s stock after selling 11,013 shares during the quarter. Joel Isaacson & Co. LLC’s holdings in Bank of America were worth $3,677,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC lifted 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 valued at $37,000 after buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc increased its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America in the 4th quarter valued at $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 3rd quarter worth $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $47.43 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s 50-day moving average price is $45.77 and its two-hundred day moving average price is $42.88. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The stock has a market capitalization of $363.89 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. 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 2.19%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. HSBC upgraded 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. Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods boosted 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. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. 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. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.