Sirios Capital Management L P Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Sirios Capital Management L P decreased its holdings in Bank of America Co. (NYSE:BAC) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,022 shares of the financial services provider’s stock after selling 1,118 shares during the quarter. Sirios Capital Management L P’s holdings in Bank of America were worth $1,495,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter worth about $25,000. Collier Financial acquired a new position in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the fourth quarter valued at $29,000. Glass Jacobson Investment Advisors llc raised its stake in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after buying an additional 276 shares in the last quarter. Finally, Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 3.8 %

BAC stock opened at $38.33 on Wednesday. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a market cap of $291.42 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 1.21 and a beta of 1.24. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $40.93 and a 200-day simple moving average of $43.59.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 30.95%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Truist Financial lowered their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada decreased their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Argus cut their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Citigroup lowered their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.43.

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.