Financial Counselors Inc. Has $2.54 Million Stock Position in Bank of America Co. (NYSE:BAC)

Financial Counselors Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 31.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 57,681 shares of the financial services provider’s stock after selling 26,332 shares during the period. Financial Counselors Inc.’s holdings in Bank of America were worth $2,535,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Barclays upped their price objective on 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 report on Friday, January 17th. Finally, Truist Financial upped their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Trading Down 0.5 %

NYSE BAC opened at $42.61 on Friday. The stock has a market capitalization of $323.96 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.21 and a beta of 1.32. The business has a 50 day simple moving average of $44.55 and a 200 day simple moving average of $43.85. 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 one year low of $34.15 and a one year high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results 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. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the business earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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 paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. Bank of America’s dividend payout ratio (DPR) 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.