Rather & Kittrell Inc. Sells 453 Shares of Bank of America Co. (NYSE:BAC)

Rather & Kittrell Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 1.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 25,836 shares of the financial services provider’s stock after selling 453 shares during the quarter. Rather & Kittrell Inc.’s holdings in Bank of America were worth $1,135,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $5,226,989,000. Bank of New York Mellon Corp boosted its holdings in Bank of America by 4.9% in the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after buying an additional 2,806,927 shares during the period. Fisher Asset Management LLC grew its stake in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after buying an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Truist Financial lowered their target price on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Performance

Shares of NYSE BAC opened at $38.03 on Wednesday. The stock has a market cap of $289.16 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 1.21 and a beta of 1.24. The stock’s 50-day moving average is $41.85 and its 200 day moving average is $43.66. 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 Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

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, topping 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 the consensus estimate of $26.83 billion. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.73%. Bank of America’s payout ratio is 32.30%.

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.