Orion Capital Management LLC Sells 259 Shares of Bank of America Co. (NYSE:BAC)

Orion Capital Management LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,090 shares of the financial services provider’s stock after selling 259 shares during the period. Orion Capital Management LLC’s holdings in Bank of America were worth $1,059,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Collier Financial purchased a new position in Bank of America during the fourth quarter valued at $25,000. Life Planning Partners Inc increased its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the fourth quarter worth about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.3%

Shares of BAC stock opened at $44.62 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $336.07 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The stock’s 50-day moving average price is $40.23 and its 200-day moving average price is $43.59.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Barclays lowered their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Finally, Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $47.50.

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.