Exchange Capital Management Inc. Reduces Position in Bank of America Co. (NYSE:BAC)

Exchange Capital Management Inc. lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,925 shares of the financial services provider’s stock after selling 1,296 shares during the quarter. Exchange Capital Management Inc.’s holdings in Bank of America were worth $2,370,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after purchasing an additional 2,806,927 shares during the period. EdgeRock Capital LLC boosted its holdings in Bank of America by 7.6% in the fourth quarter. EdgeRock Capital LLC now owns 6,169 shares of the financial services provider’s stock valued at $271,000 after acquiring an additional 437 shares during the last quarter. BHK Investment Advisors LLC grew its holdings in shares of Bank of America by 34.1% during the 4th quarter. BHK Investment Advisors LLC now owns 10,180 shares of the financial services provider’s stock worth $447,000 after purchasing an additional 2,590 shares during the period. Brown Financial Advisors lifted its position in Bank of America by 3.7% during the fourth quarter. Brown Financial Advisors now owns 31,591 shares of the financial services provider’s stock valued at $1,388,000 after buying an additional 1,124 shares in the last quarter. Finally, CWS Financial Advisors LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $204,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 0.7 %

Bank of America stock opened at $44.48 on Tuesday. The company’s fifty day simple moving average is $45.73 and its 200-day simple moving average is $43.46. 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 Co. has a 12 month low of $33.53 and a 12 month high of $48.08. The stock has a market cap of $341.25 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. 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 period in the previous year, the company posted $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Friday, March 7th. 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.