Siemens Fonds Invest GmbH Sells 206,604 Shares of Bank of America Co. (NYSE:BAC)
Siemens Fonds Invest GmbH significantly reduced its stake in Bank of America Co. (NYSE:BAC) by 94.2% in Q4, selling 206,604 shares and retaining only 12,618 shares valued at $555,000. Other institutional investors also adjusted their holdings, with Regent Peak Wealth Advisors increasing their stake by 10.3%. Analysts have mixed ratings on BAC, with a consensus rating of "Moderate Buy" and a target price of $47.50. Bank of America recently reported earnings of $0.90 per share, exceeding estimates, and announced a quarterly dividend.
Siemens Fonds Invest GmbH lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 94.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,618 shares of the financial services provider's stock after selling 206,604 shares during the period. Siemens Fonds Invest GmbH's holdings in Bank of America were worth $555,000 at the end of the most recent reporting period.
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A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Regent Peak Wealth Advisors LLC raised its stake in Bank of America by 10.3% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider's stock valued at $526,000 after buying an additional 1,116 shares during the last quarter. Empirical Asset Management LLC increased its holdings in shares of Bank of America by 47.8% during the fourth quarter. Empirical Asset Management LLC now owns 45,096 shares of the financial services provider's stock valued at $1,982,000 after acquiring an additional 14,576 shares in the last quarter. Merit Financial Group LLC raised its position in shares of Bank of America by 34.7% in the 4th quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider's stock worth $5,950,000 after purchasing an additional 34,881 shares during the last quarter. Sax Wealth Advisors LLC bought a new position in Bank of America in the 4th quarter worth about $546,000. Finally, Brooklyn Investment Group grew its position in Bank of America by 8.3% during the 4th quarter. Brooklyn Investment Group now owns 33,180 shares of the financial services provider's stock valued at $1,458,000 after purchasing an additional 2,550 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on BAC shares. Argus decreased 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 report on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Piper Sandler cut their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Finally, UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.
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Bank of America Trading Up 0.6%
Shares of Bank of America stock opened at $44.66 on Friday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company's fifty day simple moving average is $40.03 and its 200-day simple moving average is $43.55. The stock has a market capitalization of $336.38 billion, a PE ratio of 13.87, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.
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Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $26.83 billion. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.
Bank of America Company Profile
(Free Report)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.
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