Bank of America Co. (NYSE:BAC) Holdings Lowered by Quilter Plc

Quilter Plc trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 2.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,529,870 shares of the financial services provider’s stock after selling 35,519 shares during the period. Bank of America makes up about 1.3% of Quilter Plc’s holdings, making the stock its 25th largest position. Quilter Plc’s holdings in Bank of America were worth $67,238,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Two Sigma Advisers LP grew its stake in shares of Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB lifted its stake in Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. KBC Group NV lifted its stake in Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after acquiring an additional 5,015,378 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial lifted their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 0.7 %

BAC stock opened at $47.43 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company’s 50-day simple moving average is $45.77 and its 200 day simple moving average is $42.92. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The company has a market capitalization of $363.89 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the company posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio is 32.30%.

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.