Crumly & Associates Inc. Sells 1,246 Shares of Bank of America Co. (NYSE:BAC)

Crumly & Associates Inc. lessened its position in Bank of America Co. (NYSE:BAC) by 8.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 13,755 shares of the financial services provider’s stock after selling 1,246 shares during the period. Crumly & Associates Inc.’s holdings in Bank of America were worth $605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the company. Paradigm Asset Management Co. LLC increased its holdings in shares of Bank of America by 17.1% during the 4th quarter. Paradigm Asset Management Co. LLC now owns 120,425 shares of the financial services provider’s stock worth $5,293,000 after purchasing an additional 17,600 shares during the period. Cassaday & Co Wealth Management LLC increased its holdings in shares of Bank of America by 2.4% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 27,644 shares of the financial services provider’s stock worth $1,215,000 after purchasing an additional 652 shares during the period. Compass Capital Corp MA ADV bought a new position in shares of Bank of America during the 4th quarter worth about $277,000. Cordatus Wealth Management LLC bought a new position in shares of Bank of America during the 4th quarter worth about $3,514,000. Finally, Waterfront Wealth Inc. increased its holdings in shares of Bank of America by 9.1% during the 4th quarter. Waterfront Wealth Inc. now owns 19,652 shares of the financial services provider’s stock worth $864,000 after purchasing an additional 1,645 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $45.31 on Friday. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08. The firm’s 50 day moving average is $45.77 and its 200-day moving average is $43.27. The firm has a market capitalization of $347.62 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.24 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.69 EPS 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 paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BAC shares. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. One equities research 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. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $48.58.

About Bank of America

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.