SP Asset Management LLC Sells 21,106 Shares of Bank of America Co. (NYSE:BAC)

SP Asset Management LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.9% during the fourth quarter, Holdings Channel reports. The firm owned 406,287 shares of the financial services provider’s stock after selling 21,106 shares during the quarter. Bank of America comprises about 1.5% of SP Asset Management LLC’s holdings, making the stock its 17th biggest position. SP Asset Management LLC’s holdings in Bank of America were worth $17,856,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Swedbank AB lifted its position in Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares during the period. Van ECK Associates Corp lifted its position in Bank of America by 120.2% during the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after purchasing an additional 10,497 shares during the period. Catalyst Capital Advisors LLC bought a new position in Bank of America in the third quarter worth approximately $1,047,000. United Advisor Group LLC raised its position in Bank of America by 95.8% in the third quarter. United Advisor Group LLC now owns 19,681 shares of the financial services provider’s stock worth $781,000 after acquiring an additional 9,631 shares during the period. Finally, HF Advisory Group LLC raised its position in Bank of America by 6.2% in the third quarter. HF Advisory Group LLC now owns 18,340 shares of the financial services provider’s stock worth $728,000 after acquiring an additional 1,066 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Finally, Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

BAC opened at $42.27 on Thursday. The stock has a market capitalization of $321.46 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.21 and a beta of 1.33. The company has a fifty day moving average of $45.73 and a 200 day moving average of $43.69. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the company posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. As a group, sell-side 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio is currently 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.