Lineweaver Wealth Advisors LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Lineweaver Wealth Advisors LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 3.6% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 43,815 shares of the financial services provider’s stock after selling 1,616 shares during the quarter. Lineweaver Wealth Advisors LLC’s holdings in Bank of America were worth $1,925,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BAC. GenTrust LLC lifted its position in Bank of America by 11.0% during the fourth quarter. GenTrust LLC now owns 14,571 shares of the financial services provider’s stock valued at $640,000 after purchasing an additional 1,445 shares during the period. Bull Oak Capital LLC bought a new position in shares of Bank of America during the 4th quarter valued at $219,000. Whipplewood Advisors LLC purchased a new position in shares of Bank of America in the 4th quarter worth $57,000. Corrado Advisors LLC bought a new stake in shares of Bank of America in the fourth quarter worth $219,000. Finally, Carlson Capital L.P. purchased a new stake in Bank of America during the fourth quarter valued at $3,292,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Finally, Truist Financial lifted their target price on 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 given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Up 0.0 %

NYSE BAC opened at $43.96 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $33.71 and a 52 week high of $48.08. The firm has a market capitalization of $337.28 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33. The company has a fifty day moving average of $45.72 and a two-hundred day moving average of $43.50.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the company earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared 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 yield of 2.37%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend 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.