Cape ANN Savings Bank Sells 855 Shares of Bank of America Co. (NYSE:BAC)

Cape ANN Savings Bank lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 2.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 35,224 shares of the financial services provider’s stock after selling 855 shares during the period. Bank of America makes up about 0.9% of Cape ANN Savings Bank’s holdings, making the stock its 29th largest holding. Cape ANN Savings Bank’s holdings in Bank of America were worth $1,548,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Collier Financial acquired a new position in Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc boosted its holdings in shares of 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 worth $25,000 after buying an additional 545,936 shares during the period. Kennebec Savings Bank acquired a new position in Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC raised its holdings 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 worth $37,000 after acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new position in Bank of America during the 4th quarter worth $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Morgan Stanley upped their price target 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. 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 report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $44.80 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business’s fifty day moving average price is $45.75 and its two-hundred day moving average price is $43.41. Bank of America Co. has a fifty-two week low of $33.37 and a fifty-two week high of $48.08. The stock has a market capitalization of $343.71 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 EPS. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.