Beacon Financial Group Sells 966 Shares of Bank of America Co. (NYSE:BAC)

Beacon Financial Group trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 53,286 shares of the financial services provider’s stock after selling 966 shares during the period. Beacon Financial Group’s holdings in Bank of America were worth $2,342,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in BAC. Collier Financial bought a new position in Bank of America during the fourth quarter worth about $25,000. Kennebec Savings Bank acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 3rd quarter valued at $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.80 on Wednesday. The stock has a market capitalization of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 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. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The business has a 50-day moving average price of $45.77 and a two-hundred day moving average price of $42.96.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the firm posted $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared 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 2.22%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BAC. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Morgan Stanley boosted their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America 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.