Wealthspire Advisors LLC Sells 34,381 Shares of Bank of America Co. (NYSE:BAC)

Wealthspire Advisors LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 20.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 132,249 shares of the financial services provider’s stock after selling 34,381 shares during the period. Wealthspire Advisors LLC’s holdings in Bank of America were worth $5,812,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter valued at $25,000. Kennebec Savings Bank bought a new position in shares of Bank of America during the third quarter valued at about $29,000. Highline Wealth Partners LLC lifted its position in shares of 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 purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America during the fourth quarter valued at about $42,000. Finally, POM Investment Strategies LLC lifted its position in shares of Bank of America by 1,306.5% during the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,006 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BAC shares. Truist Financial raised their price target 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. Piper Sandler dropped their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

BAC opened at $44.80 on Monday. The firm has a 50-day moving average price of $45.75 and a 200-day moving average price of $43.41. The company has a market capitalization of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. Bank of America Co. has a twelve month low of $33.37 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. Equities analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 2.32%. Bank of America’s dividend payout ratio is currently 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.