Check Capital Management Inc. CA Decreases Holdings in Bank of America Co. (NYSE:BAC)

Check Capital Management Inc. CA cut its stake in shares of Bank of America Co. (NYSE:BAC) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 93,089 shares of the financial services provider’s stock after selling 5,992 shares during the period. Bank of America comprises approximately 0.1% of Check Capital Management Inc. CA’s holdings, making the stock its 17th largest position. Check Capital Management Inc. CA’s holdings in Bank of America were worth $4,091,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BAC. Collier Financial purchased a new stake in Bank of America during the 4th quarter valued at $25,000. Life Planning Partners Inc raised its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Kennebec Savings Bank purchased a new stake in Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC raised its stake in 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 valued at $37,000 after buying an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new stake in Bank of America during the 4th quarter valued at $42,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.4 %

BAC opened at $46.98 on Friday. The firm has a 50-day simple moving average of $45.75 and a two-hundred day simple moving average of $43.09. Bank of America Co. has a 52 week low of $32.49 and a 52 week high of $48.08. The company has a market capitalization of $360.47 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

Several research firms have recently commented on BAC. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Piper Sandler reduced their price objective on 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. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.