FAS Wealth Partners Inc. Has $2.38 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

FAS Wealth Partners Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 24.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 54,165 shares of the financial services provider’s stock after selling 17,483 shares during the period. FAS Wealth Partners Inc.’s holdings in Bank of America were worth $2,381,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Principal Financial Group Inc. lifted its position in shares of Bank of America by 3.8% during 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 last quarter. Morse Asset Management Inc bought a new position in shares of Bank of America in the 3rd quarter worth about $306,000. SkyView Investment Advisors LLC boosted 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 buying an additional 645 shares in the last quarter. Tudor Financial Inc. acquired a new stake in Bank of America in the third quarter worth $645,000. Finally, Eaton Financial Holdings Company LLC acquired a new position in shares of Bank of America during the third quarter worth approximately $488,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $39.88 on Thursday. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The firm’s 50 day moving average price is $40.15 and its 200-day moving average price is $43.54. The firm has a market cap of $303.20 billion, a P/E ratio of 12.39, a P/E/G ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BAC. JPMorgan Chase & Co. cut their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Truist Financial dropped their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Barclays reduced their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Oppenheimer upped their price target on shares of Bank of America from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.25.

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.