Manchester Capital Management LLC Lowers Stake in Bank of America Co. (NYSE:BAC)

Manchester Capital Management LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 26.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,941 shares of the financial services provider’s stock after selling 9,490 shares during the quarter. Manchester Capital Management LLC’s holdings in Bank of America were worth $1,140,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Collier Financial purchased a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter worth $29,000. Highline Wealth Partners LLC raised its position in 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 purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC purchased a new position in Bank of America in the 4th quarter worth $42,000. Finally, POM Investment Strategies LLC raised its position in Bank of America by 1,306.5% in the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,006 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of a number of analyst reports. 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 research report on Friday, January 17th. Barclays lifted their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Bank of America stock opened at $46.98 on Friday. The firm has a 50-day moving average price of $45.75 and a 200-day moving average price of $43.05. The firm has a market capitalization of $360.47 billion, a PE ratio of 14.59, a price-to-earnings-growth 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 12-month low of $32.49 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business earned $0.70 EPS. As a group, equities research analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued 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 yield of 2.21%. Bank of America’s payout ratio is 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.