International Assets Investment Management LLC Trims Position in Bank of America Co. (NYSE:BAC)

International Assets Investment Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 98.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 88,174 shares of the financial services provider’s stock after selling 4,459,614 shares during the period. International Assets Investment Management LLC’s holdings in Bank of America were worth $3,905,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter worth $27,000. Kennebec Savings Bank bought a new position in Bank of America during the 3rd quarter worth about $29,000. Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $45,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Bank of America in the 3rd quarter worth approximately $73,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.7 %

Shares of Bank of America stock traded down $0.32 during trading hours on Wednesday, hitting $45.76. The company’s stock had a trading volume of 6,471,098 shares, compared to its average volume of 25,054,395. The stock has a market cap of $351.11 billion, a price-to-earnings ratio of 16.64, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The firm has a fifty day moving average of $45.30 and a 200-day moving average of $42.09. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Oppenheimer decreased their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research note on Tuesday. Piper Sandler lifted 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. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.