Gulf International Bank UK Ltd Lowers Position in Bank of America Co. (NYSE:BAC)

Gulf International Bank UK Ltd reduced its stake in Bank of America Co. (NYSE:BAC) by 1.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 551,730 shares of the financial services provider’s stock after selling 5,928 shares during the quarter. Bank of America makes up 0.6% of Gulf International Bank UK Ltd’s investment portfolio, making the stock its 25th largest holding. Gulf International Bank UK Ltd’s holdings in Bank of America were worth $24,248,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Collier Financial bought a new position in Bank of America in the 4th quarter valued at $25,000. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC grew its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America during the 4th quarter worth $42,000. Finally, POM Investment Strategies LLC grew its stake in shares of Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,006 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.0 %

NYSE:BAC opened at $43.96 on Thursday. Bank of America Co. has a one year low of $33.71 and a one year high of $48.08. The company’s 50-day simple moving average is $45.72 and its 200 day simple moving average is $43.50. The firm has a market capitalization of $337.28 billion, a P/E ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.37%. Bank of America’s payout ratio is presently 32.30%.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. UBS Group upgraded 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 research note on Tuesday, January 7th. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.