Twelve Points Wealth Management LLC Sells 3,581 Shares of Bank of America Co. (NYSE:BAC)

Twelve Points Wealth Management LLC cut its position in Bank of America Co. (NYSE:BAC) by 40.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,227 shares of the financial services provider’s stock after selling 3,581 shares during the quarter. Twelve Points Wealth Management LLC’s holdings in Bank of America were worth $230,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Two Sigma Advisers LP lifted its holdings in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after buying an additional 10,175,100 shares during the period. KBC Group NV raised its position in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the period. International Assets Investment Management LLC boosted its holdings in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Bank of America during the 3rd quarter valued at approximately $174,858,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 0.2 %

BAC stock opened at $46.74 on Thursday. The stock’s 50 day moving average is $45.83 and its 200-day moving average is $42.70. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The firm has a market capitalization of $358.59 billion, a PE ratio of 14.51, a P/E/G ratio of 1.24 and a beta of 1.33. 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 (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (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 for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the firm earned $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America’s payout ratio is presently 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.