GLOBALT Investments LLC GA Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

GLOBALT Investments LLC GA decreased its stake in Bank of America Co. (NYSE:BAC) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 234,432 shares of the financial services provider’s stock after selling 3,664 shares during the quarter. Bank of America makes up 0.4% of GLOBALT Investments LLC GA’s portfolio, making the stock its 29th biggest holding. GLOBALT Investments LLC GA’s holdings in Bank of America were worth $10,303,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Collier Financial purchased a new stake in Bank of America in the fourth quarter worth about $25,000. Life Planning Partners Inc increased its position 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 bought a new position in shares of Bank of America in the fourth quarter worth about $29,000. Highline Wealth Partners LLC boosted its stake in shares of 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 acquiring an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC boosted its stake in shares of 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 acquiring an additional 361 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $40.97 on Monday. The firm has a market capitalization of $311.45 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The business has a 50 day simple moving average of $45.19 and a 200-day simple moving average of $43.76. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the business posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI dropped their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Truist Financial upped their price objective 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. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.64.

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.