Tidal Investments LLC Has $11.89 Million Stock Position in Bank of America Co. (NYSE:BAC)

Tidal Investments LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 8.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 270,427 shares of the financial services provider’s stock after selling 24,469 shares during the period. Tidal Investments LLC’s holdings in Bank of America were worth $11,885,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Graney & King LLC acquired a new stake in Bank of America during the fourth quarter valued at $25,000. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter worth about $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the fourth quarter worth about $31,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in shares of Bank of America by 53.0% in the fourth 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 and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAC. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Argus dropped their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial dropped their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock 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 issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Up 0.6%

NYSE BAC opened at $44.66 on Monday. 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’s 50 day moving average is $40.03 and its two-hundred day moving average is $43.56. The company has a market capitalization of $336.38 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

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 for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company 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 analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America Company 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.