Investment House LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Investment House LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 51.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,914 shares of the financial services provider’s stock after selling 114,478 shares during the period. Investment House LLC’s holdings in Bank of America were worth $4,655,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Amundi raised its position in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP raised its position in Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. Swedbank AB raised its position in Bank of America by 81.4% during the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after purchasing an additional 5,733,810 shares in the last quarter. KBC Group NV raised its position in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after purchasing an additional 5,493,817 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in Bank of America by 193.4% during the third 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 purchasing an additional 5,015,378 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $41.61 on Wednesday. The stock’s 50 day simple moving average is $45.02 and its two-hundred day simple moving average is $43.78. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $316.37 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week 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, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations 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 was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. As a group, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given 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 dividend yield of 2.50%. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Truist Financial lifted their price objective 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, Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.64.

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.