Mcdonald Partners LLC Sells 2,142 Shares of Bank of America Co. (NYSE:BAC)

Mcdonald Partners LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 4.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,701 shares of the financial services provider’s stock after selling 2,142 shares during the period. Mcdonald Partners LLC’s holdings in Bank of America were worth $2,184,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Two Sigma Advisers LP increased its holdings in Bank of America by 31,021.6% in the third 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 in the last quarter. Swedbank AB grew its position in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after buying an additional 5,733,810 shares during the period. KBC Group NV increased its stake in shares of Bank of America by 130.9% in the 4th 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 in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Bank of America by 193.4% during the 3rd 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 period. Finally, International Assets Investment Management LLC boosted its stake in Bank of America by 3,550.7% during 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 acquiring an additional 4,423,215 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.98 on Tuesday. 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 capitalization of $360.47 billion, a PE ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. The stock’s 50 day moving average price is $45.77 and its 200-day moving average price is $43.17. Bank of America Co. has a twelve month low of $32.49 and a twelve month 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 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The business’s revenue was up 15.0% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BAC shares. Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. UBS Group raised 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 note on Tuesday, January 7th. Morgan Stanley upped their target price on 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. Finally, Wells Fargo & Company lifted their price target 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

About Bank of America

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.