Bank of America Co. (NYSE:BAC) Shares Sold by TCV Trust & Wealth Management Inc.

TCV Trust & Wealth Management Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 1.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 20,386 shares of the financial services provider’s stock after selling 250 shares during the period. TCV Trust & Wealth Management Inc.’s holdings in Bank of America were worth $896,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. ORG Wealth Partners LLC purchased a new stake in Bank of America in the third quarter valued at approximately $80,000. Stablepoint Partners LLC boosted its holdings in shares of Bank of America by 10.5% in the 3rd quarter. Stablepoint Partners LLC now owns 8,508 shares of the financial services provider’s stock valued at $338,000 after purchasing an additional 811 shares during the last quarter. CX Institutional grew its stake in shares of Bank of America by 5.3% during the 3rd quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock valued at $1,320,000 after buying an additional 1,667 shares during the period. Wesbanco Bank Inc. increased its holdings in shares of Bank of America by 0.9% during the 3rd quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after buying an additional 348 shares during the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC raised its position in shares of Bank of America by 4.2% in the 3rd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 32,022 shares of the financial services provider’s stock worth $1,271,000 after buying an additional 1,283 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BAC shares. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, 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 note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.80 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The business has a 50 day moving average price of $45.77 and a two-hundred day moving average price of $42.96. The firm has a market cap of $359.08 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 prior year, the business posted $0.70 EPS. Sell-side analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

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.