Southeast Asset Advisors Inc. Decreases Holdings in Bank of America Co. (NYSE:BAC)

Southeast Asset Advisors Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,095 shares of the financial services provider’s stock after selling 1,084 shares during the period. Southeast Asset Advisors Inc.’s holdings in Bank of America were worth $340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Copperwynd Financial LLC lifted its holdings in shares of Bank of America by 4.7% in the 4th quarter. Copperwynd Financial LLC now owns 18,317 shares of the financial services provider’s stock valued at $617,000 after purchasing an additional 830 shares during the last quarter. Holderness Investments Co. lifted its holdings in shares of Bank of America by 4.9% in the 4th quarter. Holderness Investments Co. now owns 73,042 shares of the financial services provider’s stock valued at $2,459,000 after purchasing an additional 3,432 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Bank of America by 2.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 406,033 shares of the financial services provider’s stock valued at $13,671,000 after purchasing an additional 8,158 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Bank of America by 5.2% in the 4th quarter. Rafferty Asset Management LLC now owns 2,440,406 shares of the financial services provider’s stock valued at $82,168,000 after purchasing an additional 120,659 shares during the last quarter. Finally, NEOS Investment Management LLC lifted its holdings in shares of Bank of America by 32.6% in the 4th quarter. NEOS Investment Management LLC now owns 97,586 shares of the financial services provider’s stock valued at $3,286,000 after purchasing an additional 23,990 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.3 %

Shares of BAC traded down $0.11 during trading hours on Wednesday, hitting $39.57. The stock had a trading volume of 7,186,488 shares, compared to its average volume of 38,891,723. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $309.45 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.76 and a beta of 1.36. The company’s fifty day simple moving average is $37.91 and its 200 day simple moving average is $34.96. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.19.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. Equities research analysts forecast that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. JPMorgan Chase & Co. boosted their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Piper Sandler boosted their price target on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $39.26.

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.