Lowe Brockenbrough & Co. Inc. Reduces Holdings in Bank of America Co. (NYSE:BAC)

Lowe Brockenbrough & Co. Inc. trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 8.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 23,708 shares of the financial services provider’s stock after selling 2,108 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in Bank of America were worth $1,042,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. HUB Investment Partners LLC boosted its stake in shares of Bank of America by 1.0% during the fourth quarter. HUB Investment Partners LLC now owns 171,956 shares of the financial services provider’s stock valued at $7,557,000 after purchasing an additional 1,769 shares during the period. Northwest & Ethical Investments L.P. boosted its stake in shares of Bank of America by 30.2% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 610,914 shares of the financial services provider’s stock valued at $26,849,000 after purchasing an additional 141,740 shares during the period. iA Global Asset Management Inc. boosted its stake in shares of Bank of America by 5.5% during the fourth quarter. iA Global Asset Management Inc. now owns 283,840 shares of the financial services provider’s stock valued at $12,475,000 after purchasing an additional 14,690 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Bank of America by 10.5% during the fourth quarter. Teacher Retirement System of Texas now owns 2,615,204 shares of the financial services provider’s stock valued at $114,938,000 after purchasing an additional 248,538 shares during the period. Finally, First National Bank of Hutchinson purchased a new stake in shares of Bank of America during the fourth quarter valued at $576,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC opened at $42.47 on Friday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $322.88 billion, a P/E ratio of 13.19, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The firm’s 50-day moving average price is $44.81 and its 200-day moving average price is $43.77.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities analysts anticipate 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, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.45%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.64.

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.