Sherbrooke Park Advisers LLC Sells 13,004 Shares of Bank of America Co. (NYSE:BAC)

Sherbrooke Park Advisers LLC lessened its position in Bank of America Co. (NYSE:BAC) by 49.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,299 shares of the financial services provider’s stock after selling 13,004 shares during the period. Sherbrooke Park Advisers LLC’s holdings in Bank of America were worth $584,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Graney & King LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Collier Financial acquired a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the 4th quarter worth about $31,000. Finally, Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after buying an additional 276 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.6%

Shares of NYSE BAC opened at $44.66 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a market capitalization of $336.38 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a 50-day moving average price of $40.03 and a 200-day moving average price of $43.54.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Piper Sandler cut their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday. They set a “buy” rating and a $53.00 target price for the company. Truist Financial cut their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Finally, Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company presently has an average 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.