Addison Capital Co Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Addison Capital Co lowered its stake in Bank of America Co. (NYSE:BAC) by 3.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,152 shares of the financial services provider’s stock after selling 396 shares during the period. Addison Capital Co’s holdings in Bank of America were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Collier Financial acquired a new position in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $29,000. Highline Wealth Partners LLC lifted its holdings 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 valued at $37,000 after purchasing an additional 510 shares during the last quarter. Mascoma Wealth Management LLC boosted its position in shares of Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in Bank of America during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BAC shares. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Stock Up 3.3 %

BAC opened at $40.97 on Monday. The business has a 50-day moving average of $45.19 and a two-hundred day moving average of $43.76. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The stock has a market capitalization of $311.45 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for 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%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the business earned $0.70 EPS. On average, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio is presently 32.30%.

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.