Bank of America Co. (NYSE:BAC) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 14.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,612,322 shares of the financial services provider’s stock after selling 2,870,579 shares during the quarter. Bank of America makes up about 2.5% of Pzena Investment Management LLC’s holdings, making the stock its 16th largest holding. Pzena Investment Management LLC’s holdings in Bank of America were worth $730,112,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Lederer & Associates Investment Counsel CA increased its position in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares in the last quarter. Prossimo Advisors LLC grew its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC grew its holdings in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares during the last quarter. Keudell Morrison Wealth Management grew its holdings in shares of Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after buying an additional 223 shares during the last quarter. Finally, Traveka Wealth LLC grew its holdings in shares of Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $39.79 on Tuesday. The firm has a 50 day moving average of $45.53 and a 200-day moving average of $43.76. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $302.55 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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 given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. Evercore ISI lowered their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.