South Dakota Investment Council Sells 26,800 Shares of Bank of America Co. (NYSE:BAC)

South Dakota Investment Council reduced its position in Bank of America Co. (NYSE:BAC) by 12.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 196,508 shares of the financial services provider’s stock after selling 26,800 shares during the quarter. South Dakota Investment Council’s holdings in Bank of America were worth $8,637,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Union Bancaire Privee UBP SA bought a new stake in Bank of America during the fourth quarter valued at approximately $2,874,000. World Equity Group Inc. lifted its position in Bank of America by 0.4% during the fourth quarter. World Equity Group Inc. now owns 59,151 shares of the financial services provider’s stock valued at $2,600,000 after purchasing an additional 240 shares during the last quarter. Summit Asset Management LLC lifted its holdings in shares of Bank of America by 3.1% in the 4th quarter. Summit Asset Management LLC now owns 33,785 shares of the financial services provider’s stock worth $1,485,000 after acquiring an additional 1,000 shares during the last quarter. MONECO Advisors LLC boosted its stake in shares of Bank of America by 49.7% in the 4th quarter. MONECO Advisors LLC now owns 32,973 shares of the financial services provider’s stock valued at $1,449,000 after purchasing an additional 10,940 shares in the last quarter. Finally, Lansing Street Advisors boosted its stake in shares of Bank of America by 1.3% in the 4th quarter. Lansing Street Advisors now owns 23,374 shares of the financial services provider’s stock valued at $1,027,000 after purchasing an additional 294 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 1.1 %

Bank of America stock opened at $44.80 on Friday. The stock has a market cap of $343.71 billion, a P/E ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. 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 $33.37 and a 1 year high of $48.08. The firm’s 50 day moving average price is $45.75 and its 200-day moving average price is $43.37.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts predict that Bank of America Co. will post 3.69 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, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. 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 report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.