First City Capital Management Inc. Cuts Holdings in Bank of America Co. (NYSE:BAC)

First City Capital Management Inc. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 0.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 61,193 shares of the financial services provider’s stock after selling 389 shares during the period. Bank of America accounts for 1.4% of First City Capital Management Inc.’s holdings, making the stock its 17th biggest position. First City Capital Management Inc.’s holdings in Bank of America were worth $2,689,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Founders Financial Securities LLC grew its stake in shares of Bank of America by 69.6% during the second quarter. Founders Financial Securities LLC now owns 13,137 shares of the financial services provider’s stock worth $522,000 after acquiring an additional 5,390 shares during the last quarter. Pursue Wealth Partners LLC increased its stake in Bank of America by 8.4% during the 2nd quarter. Pursue Wealth Partners LLC now owns 19,031 shares of the financial services provider’s stock valued at $757,000 after purchasing an additional 1,475 shares in the last quarter. Stablepoint Partners LLC purchased a new position in shares of Bank of America in the second quarter worth $316,000. FineMark National Bank & Trust lifted its stake in shares of Bank of America by 1.2% during the second quarter. FineMark National Bank & Trust now owns 98,163 shares of the financial services provider’s stock worth $3,904,000 after buying an additional 1,169 shares during the period. Finally, Range Financial Group LLC grew its holdings in shares of Bank of America by 7.2% during the second quarter. Range Financial Group LLC now owns 8,183 shares of the financial services provider’s stock valued at $325,000 after buying an additional 551 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.6 %

NYSE:BAC traded up $0.25 during trading hours on Friday, reaching $44.54. 11,897,870 shares of the stock were exchanged, compared to its average volume of 18,438,672. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average of $45.11 and a two-hundred day moving average of $41.94. The company has a market capitalization of $341.75 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. On average, equities analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Wall Street Analyst Weigh In

A number of analysts have commented on BAC shares. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Piper Sandler increased their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Oppenheimer decreased their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $45.82.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 16,772,932 shares of company stock valued at $693,852,472. 0.29% of the stock is currently owned by company insiders.

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.