Garner Asset Management Corp Sells 1,098 Shares of Bank of America Corporation $BAC

Garner Asset Management Corp cut its holdings in Bank of America Corporation (NYSE:BAC) by 4.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,916 shares of the financial services provider’s stock after selling 1,098 shares during the period. Garner Asset Management Corp’s holdings in Bank of America were worth $1,084,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Quaker Wealth Management LLC boosted its holdings in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the period. Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC bought a new position in Bank of America in the 2nd quarter worth about $28,000. CGC Financial Services LLC grew its holdings in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America during the second quarter valued at about $33,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $53.01 on Thursday. The firm has a market cap of $387.07 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.34. The firm’s fifty day moving average is $51.85 and its 200 day moving average is $48.66. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analyst Ratings Changes

A number of research firms have recently commented on BAC. Argus raised their price objective on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Barclays boosted their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Truist Financial increased their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

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.