Forvis Mazars Wealth Advisors LLC Sells 1,575 Shares of Bank of America Co. (NYSE:BAC)

Forvis Mazars Wealth Advisors LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 143,516 shares of the financial services provider’s stock after selling 1,575 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in Bank of America were worth $6,308,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter valued at about $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter valued at about $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the fourth quarter valued at about $42,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $44.80 on Friday. The firm has a market capitalization of $343.71 billion, a P/E ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. Bank of America Co. has a 1 year low of $33.37 and a 1 year high of $48.08. The business has a 50-day moving average of $45.75 and a 200-day moving average of $43.37. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, Evercore ISI dropped their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.