Kestra Investment Management LLC Sells 10,830 Shares of Bank of America Co. (NYSE:BAC)

Kestra Investment Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 40.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,116 shares of the financial services provider’s stock after selling 10,830 shares during the quarter. Kestra Investment Management LLC’s holdings in Bank of America were worth $708,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA raised its holdings in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares in the last quarter. Marino Stram & Associates LLC raised its holdings in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares in the last quarter. Keudell Morrison Wealth Management raised its holdings in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares in the last quarter. Traveka Wealth LLC raised its holdings in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares in the last quarter. Finally, Consolidated Planning Corp raised its holdings in shares of Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 226 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

BAC opened at $46.46 on Wednesday. Bank of America Co. has a 12-month low of $33.17 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s fifty day simple moving average is $45.79 and its 200-day simple moving average is $43.23. The company has a market capitalization of $356.51 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 1.29 and a beta of 1.33.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Bank of America Profile

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.