Exchange Traded Concepts LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Exchange Traded Concepts LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 98.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,355 shares of the financial services provider’s stock after selling 230,697 shares during the period. Exchange Traded Concepts LLC’s holdings in Bank of America were worth $147,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Czech National Bank boosted its position in Bank of America by 6.0% during the third quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock valued at $54,569,000 after purchasing an additional 78,376 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Bank of America by 22.7% during the third quarter. Park Avenue Securities LLC now owns 128,873 shares of the financial services provider’s stock valued at $5,114,000 after buying an additional 23,852 shares during the last quarter. Allied Investment Advisors LLC boosted its holdings in shares of Bank of America by 0.9% in the 3rd quarter. Allied Investment Advisors LLC now owns 295,655 shares of the financial services provider’s stock valued at $11,732,000 after buying an additional 2,544 shares in the last quarter. Goelzer Investment Management Inc. grew its position in shares of Bank of America by 27.3% in the 3rd quarter. Goelzer Investment Management Inc. now owns 231,057 shares of the financial services provider’s stock worth $9,168,000 after buying an additional 49,480 shares during the last quarter. Finally, Trivant Custom Portfolio Group LLC raised its stake in shares of Bank of America by 4.1% during the 3rd quarter. Trivant Custom Portfolio Group LLC now owns 89,056 shares of the financial services provider’s stock worth $3,534,000 after acquiring an additional 3,547 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Evercore ISI lowered their target price on shares of 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. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of BAC opened at $46.25 on Friday. The business’s 50-day moving average is $45.83 and its two-hundred day moving average is $42.79. The company has a market capitalization of $354.84 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.27 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.35 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 posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS 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 analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Bank of America Company 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.