Ballast Advisors LLC Sells 299 Shares of Bank of America Co. (NYSE:BAC)

Ballast Advisors LLC cut its stake in Bank of America Co. (NYSE:BAC) by 5.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,200 shares of the financial services provider’s stock after selling 299 shares during the period. Ballast Advisors LLC’s holdings in Bank of America were worth $229,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Collier Financial purchased a new stake in Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the 4th quarter worth about $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. Mascoma Wealth Management LLC boosted its stake in Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 361 shares in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in Bank of America during the fourth quarter worth about $42,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $42.48 on Friday. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The firm has a market capitalization of $322.94 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. 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 firm has a 50 day moving average of $44.87 and a 200 day moving average of $43.76.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 EPS. On average, research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. 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 2.45%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Truist Financial increased 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, sixteen have given a buy rating and three have issued 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 $48.64.

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.