Adalta Capital Management LLC Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Adalta Capital Management LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 13.0% in the 4th quarter, HoldingsChannel reports. The firm owned 2,000 shares of the financial services provider’s stock after selling 300 shares during the period. Adalta Capital Management LLC’s holdings in Bank of America were worth $88,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Collier Financial purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc grew its holdings in 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 acquiring an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BAC shares. UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Piper Sandler cut their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer upped their price target on Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Finally, Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Down 0.3%

BAC opened at $44.62 on Wednesday. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The business has a 50 day moving average price of $40.23 and a two-hundred day moving average price of $43.59. 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 $336.07 billion, a PE ratio of 13.86, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. As a group, research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

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.