Alpha DNA Investment Management LLC Sells 63,364 Shares of Bank of America Co. (NYSE:BAC)

Alpha DNA Investment Management LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 55.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,999 shares of the financial services provider’s stock after selling 63,364 shares during the period. Bank of America makes up approximately 0.9% of Alpha DNA Investment Management LLC’s holdings, making the stock its 14th biggest holding. Alpha DNA Investment Management LLC’s holdings in Bank of America were worth $2,241,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Bank of America in the 4th quarter worth $5,226,989,000. Amundi raised its stake in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in Bank of America by 71,357.5% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 8,632,780 shares of the financial services provider’s stock worth $379,411,000 after acquiring an additional 8,620,699 shares in the last quarter. Swedbank AB grew its stake in shares of 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 worth $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of 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 acquiring an additional 5,493,817 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of several research analyst reports. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada dropped their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. reduced their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Cfra Research raised their price objective on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.20.

Bank of America Trading Up 0.3 %

Shares of NYSE:BAC opened at $37.44 on Friday. The business’s 50 day moving average price is $41.46 and its 200-day moving average price is $43.60. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm has a market capitalization of $284.65 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities 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 was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 30.95%.

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.