Creative Financial Designs Inc. ADV Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Creative Financial Designs Inc. ADV decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 157,712 shares of the financial services provider’s stock after selling 6,649 shares during the quarter. Creative Financial Designs Inc. ADV’s holdings in Bank of America were worth $6,931,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Collier Financial purchased a new stake in Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc boosted its stake in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America in the fourth quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC boosted its stake in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after buying an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $40.97 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $311.45 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32. The business has a fifty day simple moving average of $45.19 and a two-hundred day simple moving average of $43.76. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last announced 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 business 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 company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BAC. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their target price 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. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.