Berkeley Capital Partners LLC Has $2.47 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Berkeley Capital Partners LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 4.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 56,252 shares of the financial services provider’s stock after selling 2,928 shares during the period. Bank of America makes up 0.7% of Berkeley Capital Partners LLC’s portfolio, making the stock its 24th biggest holding. Berkeley Capital Partners LLC’s holdings in Bank of America were worth $2,472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Amundi lifted its position in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Two Sigma Advisers LP lifted its position in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after acquiring an additional 10,175,100 shares during the period. Swedbank AB lifted 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 valued at $561,513,000 after acquiring an additional 5,733,810 shares during the period. KBC Group NV lifted its position in shares of Bank of America by 130.9% during 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 during the period. Finally, 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. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BAC. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Price Performance

Shares of BAC opened at $42.24 on Thursday. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $321.10 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business has a 50-day moving average of $44.94 and a 200-day moving average of $43.77.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 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 company earned $0.70 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 dividend on an annualized basis and a yield of 2.46%. Bank of America’s payout ratio is currently 32.30%.

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.