Guggenheim Capital LLC Has $9.60 Million Stake in Bank of America Co. (NYSE:BAC)

Guggenheim Capital LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 53.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 218,423 shares of the financial services provider’s stock after selling 248,719 shares during the period. Guggenheim Capital LLC’s holdings in Bank of America were worth $9,600,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Collier Financial bought a new stake in Bank of America in the fourth quarter valued at about $25,000. Life Planning Partners Inc grew its position in shares of Bank of America by 3,883.2% during the 4th 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 during the period. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $29,000. Finally, Glass Jacobson Investment Advisors llc boosted its stake in Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 276 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday. Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.20.

Bank of America Stock Performance

Shares of BAC opened at $37.35 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a 50-day moving average of $41.65 and a 200-day moving average of $43.62. The company has a market cap of $283.96 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was 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.