Bank of America Co. (NYSE:BAC) Shares Sold by Covenant Asset Management LLC

Covenant Asset Management LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,940 shares of the financial services provider’s stock after selling 1,601 shares during the period. Covenant Asset Management LLC’s holdings in Bank of America were worth $1,052,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Accent Capital Management LLC increased its holdings in shares of Bank of America by 43.0% in 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 during the period. Summit Global Investments increased its holdings in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC increased its holdings in shares of Bank of America by 1.2% in the third 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 purchasing an additional 1,700,141 shares during the period. Clarendon Private LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $798,000. Finally, Baker Avenue Asset Management LP boosted its stake in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

Bank of America stock opened at $46.98 on Friday. The firm has a market capitalization of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. The stock has a fifty day moving average price of $45.75 and a 200 day moving average price of $43.05. Bank of America Co. has a 52 week low of $32.49 and a 52 week 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 quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio is presently 32.30%.

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.