Bank of America Co. (NYSE:BAC) Shares Sold by Prudent Man Advisors LLC

Prudent Man Advisors LLC lessened its position in Bank of America Co. (NYSE:BAC) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,681 shares of the financial services provider’s stock after selling 476 shares during the period. Prudent Man Advisors LLC’s holdings in Bank of America were worth $1,138,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BAC. FNY Investment Advisers LLC increased its stake in Bank of America by 75.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after buying an additional 397 shares during the period. Marquette Asset Management LLC grew its stake in shares of Bank of America by 333.2% in the 2nd quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 733 shares during the last quarter. Castleview Partners LLC acquired a new position in shares of Bank of America in the 1st quarter worth approximately $28,000. Global Trust Asset Management LLC grew its stake in shares of Bank of America by 45.7% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 325 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new position in shares of Bank of America in the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC remained flat at $29.98 during trading on Monday. 5,845,072 shares of the stock were exchanged, compared to its average volume of 48,794,469. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $37.87. The stock has a market capitalization of $237.25 billion, a price-to-earnings ratio of 8.40, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.82. The firm’s 50 day moving average is $27.42 and its two-hundred day moving average is $28.59.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. The business had revenue of $25.20 billion for the quarter, compared to analyst estimates of $25.13 billion. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Bank of America’s revenue was up 2.8% compared to the same quarter last year. On average, analysts forecast that Bank of America Co. will post 3.46 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.96 dividend on an annualized basis and a yield of 3.20%. Bank of America’s dividend payout ratio is currently 26.89%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Piper Sandler lowered their price objective on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a research note on Friday, September 15th. BMO Capital Markets raised their target price on shares of Bank of America from $39.00 to $40.00 and gave the stock a “market perform” rating in a report on Wednesday, October 18th. Oppenheimer raised their target price on shares of Bank of America from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com started coverage on shares of Bank of America in a report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $29.00 to $30.00 in a report on Monday, November 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.54.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.