Alpine Woods Capital Investors LLC Sells 405 Shares of Bank of America Co. (NYSE:BAC)

Alpine Woods Capital Investors LLC lessened its position in Bank of America Co. (NYSE:BAC) by 0.2% during the fourth quarter, Holdings Channel reports. The fund owned 217,921 shares of the financial services provider’s stock after selling 405 shares during the quarter. Bank of America comprises approximately 1.8% of Alpine Woods Capital Investors LLC’s investment portfolio, making the stock its 10th largest position. Alpine Woods Capital Investors LLC’s holdings in Bank of America were worth $9,578,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Collier Financial acquired a new position in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the 4th quarter valued at about $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Mascoma Wealth Management LLC increased its stake in Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after buying an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new position in Bank of America during the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Performance

BAC stock opened at $39.64 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $301.40 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.21 and a beta of 1.32. The firm has a 50 day simple moving average of $45.27 and a 200 day simple moving average of $43.70. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company posted $0.70 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm 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 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Bank of America Company 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.