Mitchell Sinkler & Starr PA Reduces Position in Bank of America Co. (NYSE:BAC)

Mitchell Sinkler & Starr PA trimmed its position in Bank of America Co. (NYSE:BAC) by 0.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,198 shares of the financial services provider’s stock after selling 375 shares during the quarter. Mitchell Sinkler & Starr PA’s holdings in Bank of America were worth $1,767,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares during the period. Algert Global LLC bought a new stake in Bank of America in the third quarter valued at $606,000. Bridgewater Associates LP purchased a new position in Bank of America during the 3rd quarter valued at $13,162,000. Blueshift Asset Management LLC bought a new position in Bank of America in the 3rd quarter worth $427,000. Finally, Fiduciary Trust Co boosted its stake in shares of Bank of America by 11.8% during the 3rd quarter. Fiduciary Trust Co now owns 178,009 shares of the financial services provider’s stock valued at $7,063,000 after purchasing an additional 18,850 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on BAC. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Evercore ISI dropped their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.45.

Bank of America Stock Down 3.1 %

BAC opened at $41.24 on Friday. The firm’s 50 day simple moving average is $44.45 and its two-hundred day simple moving average is $43.86. The company has a market capitalization of $313.50 billion, a PE ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. 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 (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during 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%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s payout ratio is currently 32.30%.

About Bank of America

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.