Asio Capital LLC Sells 9,948 Shares of Bank of America Corporation $BAC

Asio Capital LLC lessened its holdings in Bank of America Corporation (NYSE:BAC) by 9.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 99,450 shares of the financial services provider’s stock after selling 9,948 shares during the period. Asio Capital LLC’s holdings in Bank of America were worth $5,131,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC increased its holdings in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the last quarter. RMG Wealth Management LLC bought a new stake in Bank of America in the second quarter worth about $28,000. Steph & Co. raised its position in Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 379 shares during the period. Finally, CGC Financial Services LLC boosted its stake in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $56.29 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $56.50. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $411.06 billion, a P/E ratio of 15.34 and a beta of 1.30. The firm’s fifty day moving average price is $53.35 and its 200-day moving average price is $50.14.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BAC. Barclays raised their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Truist Financial boosted their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Piper Sandler upped their price target on Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. UBS Group lifted their price objective on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Finally, Royal Bank Of Canada boosted their price objective on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.59.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.