Bank of America Co. (NYSE:BAC) Shares Sold by Schechter Investment Advisors LLC

Schechter Investment Advisors LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,940 shares of the financial services provider’s stock after selling 1,402 shares during the period. Schechter Investment Advisors LLC’s holdings in Bank of America were worth $2,634,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Wernau Asset Management Inc. acquired a new position in Bank of America in the fourth quarter valued at about $4,330,000. Gryphon Financial Partners LLC lifted its holdings in shares of Bank of America by 6.8% in the 4th quarter. Gryphon Financial Partners LLC now owns 17,324 shares of the financial services provider’s stock worth $761,000 after acquiring an additional 1,097 shares during the last quarter. Meridian Wealth Management LLC boosted its position in shares of Bank of America by 8.3% during the 4th quarter. Meridian Wealth Management LLC now owns 31,776 shares of the financial services provider’s stock worth $1,397,000 after purchasing an additional 2,444 shares during the period. Kelly Financial Group LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $335,000. Finally, Mission Wealth Management LP raised its position in Bank of America by 2.9% in the fourth quarter. Mission Wealth Management LP now owns 117,345 shares of the financial services provider’s stock valued at $5,157,000 after purchasing an additional 3,329 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Barclays upped their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.19 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a one year low of $34.03 and a one year high of $48.08. The company has a 50-day simple moving average of $45.78 and a 200-day simple moving average of $43.63. The stock has a market capitalization of $354.37 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33.

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, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. 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 company posted $0.70 earnings per share. On average, analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. 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.