Tradition Wealth Management LLC Trims Holdings in Bank of America Co. (NYSE:BAC)

by · The Cerbat Gem

Tradition Wealth Management LLC reduced its holdings in shares of Bank of America Co. (NYSE:BAC – Free Report) by 2.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 12,121 shares of the financial services provider’s stock after selling 352 shares during the period. Tradition Wealth Management LLC’s holdings in Bank of America were worth $533,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $25,000. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at $29,000. Glass Jacobson Investment Advisors llc increased its stake in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after buying an additional 276 shares during the period. Finally, Highline Wealth Partners LLC raised its position 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 worth $37,000 after buying an additional 510 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAC. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods decreased their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Finally, Truist Financial cut their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.43.

View Our Latest Stock Report on Bank of America

Bank of America Price Performance

Bank of America stock opened at $37.44 on Monday. The company has a market cap of $284.65 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24. The firm has a 50 day moving average price of $41.27 and a 200 day moving average price of $43.65. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is currently 30.95%.

Bank of America Company Profile

(Free Report)

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.

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