Bank of America Co. (NYSE:BAC) Shares Sold by River Global Investors LLP

River Global Investors LLP reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 47.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 57,831 shares of the financial services provider’s stock after selling 52,005 shares during the period. River Global Investors LLP’s holdings in Bank of America were worth $2,543,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of BAC. Swedbank AB raised its stake in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Bank of America by 120.2% in the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after purchasing an additional 10,497 shares during the period. Radnor Capital Management LLC raised its stake in shares of Bank of America by 75.1% during the third quarter. Radnor Capital Management LLC now owns 12,005 shares of the financial services provider’s stock worth $476,000 after purchasing an additional 5,150 shares during the last quarter. M&G PLC raised its stake in shares of Bank of America by 71.9% during the third quarter. M&G PLC now owns 586,779 shares of the financial services provider’s stock worth $23,471,000 after purchasing an additional 245,448 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock opened at $41.39 on Friday. The stock’s 50 day moving average price is $45.61 and its 200 day moving average price is $43.68. The firm has a market cap of $314.72 billion, a P/E ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 earnings per share. On average, sell-side analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Truist Financial boosted their target price on 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, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

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.