Bank of America Co. (NYSE:BAC) Shares Sold by Worldquant Millennium Advisors LLC

Worldquant Millennium Advisors LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 32.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,719,854 shares of the financial services provider’s stock after selling 838,286 shares during the quarter. Worldquant Millennium Advisors LLC’s holdings in Bank of America were worth $75,588,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in BAC. Regent Peak Wealth Advisors LLC raised its holdings in shares of Bank of America by 10.3% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock worth $526,000 after acquiring an additional 1,116 shares during the last quarter. Cascade Investment Group Inc. increased its stake in Bank of America by 5.8% in the fourth quarter. Cascade Investment Group Inc. now owns 8,443 shares of the financial services provider’s stock valued at $371,000 after purchasing an additional 466 shares during the last quarter. Mandatum Life Insurance Co Ltd increased its stake in Bank of America by 0.6% in the fourth quarter. Mandatum Life Insurance Co Ltd now owns 128,910 shares of the financial services provider’s stock valued at $5,666,000 after purchasing an additional 800 shares during the last quarter. Annex Advisory Services LLC increased its stake in Bank of America by 4.7% in the fourth quarter. Annex Advisory Services LLC now owns 8,267 shares of the financial services provider’s stock valued at $363,000 after purchasing an additional 372 shares during the last quarter. Finally, Ellsworth Advisors LLC increased its stake in Bank of America by 8.6% in the fourth quarter. Ellsworth Advisors LLC now owns 47,546 shares of the financial services provider’s stock valued at $2,090,000 after purchasing an additional 3,745 shares during 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 $44.74 on Tuesday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The business has a 50-day moving average of $40.13 and a 200-day moving average of $43.59. 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 $336.98 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price for the company. Barclays dropped their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Finally, Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.