Stevens Capital Management LP Sells 1,893 Shares of Bank of America Co. (NYSE:BAC)

Stevens Capital Management LP reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 21,046 shares of the financial services provider’s stock after selling 1,893 shares during the quarter. Stevens Capital Management LP’s holdings in Bank of America were worth $925,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Banco de Sabadell S.A lifted its holdings in Bank of America by 0.8% during the fourth quarter. Banco de Sabadell S.A now owns 88,141 shares of the financial services provider’s stock worth $3,870,000 after acquiring an additional 712 shares during the period. Blueprint Investment Partners LLC lifted its holdings in Bank of America by 39.7% during the fourth quarter. Blueprint Investment Partners LLC now owns 34,611 shares of the financial services provider’s stock worth $1,521,000 after acquiring an additional 9,835 shares during the period. Guardian Partners Inc. bought a new stake in shares of Bank of America in the fourth quarter valued at $672,000. Fox Run Management L.L.C. bought a new stake in shares of Bank of America in the fourth quarter valued at $219,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Bank of America in the fourth quarter valued at $115,533,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $42.47 on Friday. The business has a 50-day simple moving average of $44.81 and a 200 day simple moving average of $43.79. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. 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 stock has a market cap of $322.88 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.21 and a beta of 1.32.

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 (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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the business earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 2.45%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Barclays boosted their target price 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. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently 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.