United Services Automobile Association Sells 2,101 Shares of Bank of America Co. (NYSE:BAC)

United Services Automobile Association decreased its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 155,923 shares of the financial services provider’s stock after selling 2,101 shares during the period. United Services Automobile Association’s holdings in Bank of America were worth $6,853,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BAC. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the fourth quarter valued at about $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the 4th 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 last quarter. Mascoma Wealth Management LLC boosted its stake in shares of Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new position in Bank of America during the 4th quarter valued at about $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.0 %

Shares of Bank of America stock opened at $42.47 on Monday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The firm’s 50 day moving average price is $44.81 and its 200-day moving average price is $43.81. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $322.88 billion, a P/E ratio of 13.19, a PEG ratio of 1.21 and a beta of 1.32.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly 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. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.45%. The ex-dividend date 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 boosted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Piper Sandler reduced 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 note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America 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.