Patten Group Inc. Decreases Stake in Bank of America Co. (NYSE:BAC)

Patten Group Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 15.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,260 shares of the financial services provider’s stock after selling 2,099 shares during the period. Patten Group Inc.’s holdings in Bank of America were worth $495,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA boosted its stake in Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares in the last quarter. Prossimo Advisors LLC boosted its stake in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 220 shares in the last quarter. Marino Stram & Associates LLC boosted its stake in Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares in the last quarter. Keudell Morrison Wealth Management boosted its stake in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares in the last quarter. Finally, Traveka Wealth LLC raised its holdings in Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Piper Sandler decreased their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Down 6.6 %

Shares of BAC stock opened at $42.55 on Wednesday. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The stock has a market cap of $323.61 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a 50 day simple moving average of $45.77 and a two-hundred day simple moving average of $43.70.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 in the prior year, the company earned $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. Bank of America’s 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.