Bank of America Corporation $BAC Shares Sold by CapWealth Advisors LLC

CapWealth Advisors LLC trimmed its position in Bank of America Corporation (NYSE:BAC) by 2.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 538,726 shares of the financial services provider’s stock after selling 14,063 shares during the quarter. Bank of America makes up 2.5% of CapWealth Advisors LLC’s investment portfolio, making the stock its 13th largest position. CapWealth Advisors LLC’s holdings in Bank of America were worth $27,793,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. AlTi Global Inc. raised its stake in Bank of America by 3.8% during the 1st quarter. AlTi Global Inc. now owns 53,400 shares of the financial services provider’s stock worth $2,228,000 after acquiring an additional 1,946 shares in the last quarter. Clark Capital Management Group Inc. lifted its position in Bank of America by 0.3% in the first quarter. Clark Capital Management Group Inc. now owns 2,063,932 shares of the financial services provider’s stock valued at $86,128,000 after acquiring an additional 6,839 shares during the last quarter. Eminence Capital LP acquired a new position in Bank of America in the first quarter valued at $112,627,000. Finally, DnB Asset Management AS grew its holdings in shares of Bank of America by 0.4% during the first quarter. DnB Asset Management AS now owns 4,337,546 shares of the financial services provider’s stock worth $181,006,000 after purchasing an additional 18,692 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Evercore ISI boosted their target price on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Barclays boosted their price objective on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. UBS Group raised their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Daiwa Capital Markets lifted their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Finally, Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.59.

Bank of America Stock Down 0.5%

Shares of Bank of America stock opened at $54.98 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $56.54. The company has a market cap of $401.49 billion, a P/E ratio of 14.98 and a beta of 1.29. 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 firm has a fifty day moving average of $53.73 and a two-hundred day moving average of $50.51.

Bank of America (NYSE:BAC) last posted its quarterly 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 firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

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.