Gratus Wealth Advisors LLC Sells 14,395 Shares of Bank of America Co. (NYSE:BAC)

Gratus Wealth Advisors LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 25.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,587 shares of the financial services provider’s stock after selling 14,395 shares during the quarter. Gratus Wealth Advisors LLC’s holdings in Bank of America were worth $1,872,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the period. Morse Asset Management Inc bought a new position in shares of Bank of America during the 3rd quarter worth approximately $306,000. SkyView Investment Advisors LLC increased its holdings in shares of Bank of America by 4.3% during the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock worth $619,000 after acquiring an additional 645 shares during the last quarter. Tudor Financial Inc. acquired a new stake in Bank of America during the 3rd quarter valued at $645,000. Finally, Eaton Financial Holdings Company LLC bought a new position in Bank of America during the third quarter worth $488,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on BAC. 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 report on Tuesday, January 7th. Piper Sandler lowered their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.20.

Bank of America Stock Down 1.7 %

BAC stock opened at $37.35 on Thursday. The firm has a 50-day moving average price of $41.65 and a 200-day moving average price of $43.62. Bank of America Co. has a 12 month low of $33.07 and a 12 month 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. The stock has a market capitalization of $283.96 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.78%. Bank of America’s dividend payout ratio is currently 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.