Canada Pension Plan Investment Board Reduces Stock Position in Bank of America Co. (NYSE:BAC)

Canada Pension Plan Investment Board reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,060,008 shares of the financial services provider’s stock after selling 398,839 shares during the period. Canada Pension Plan Investment Board’s holdings in Bank of America were worth $661,887,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BAC. Collier Financial bought a new stake in shares of Bank of America in the 4th quarter worth about $25,000. Life Planning Partners Inc increased its holdings in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC bought a new position in Bank of America during the 4th quarter worth approximately $29,000. Finally, Glass Jacobson Investment Advisors llc grew its position in shares of Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday. Royal Bank of Canada cut their target price 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. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.20.

Bank of America Trading Down 1.7 %

Shares of NYSE BAC opened at $37.35 on Thursday. The firm has a market capitalization of $283.96 billion, a PE ratio of 11.60, a PEG ratio of 1.21 and a beta of 1.24. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $41.65 and a two-hundred day moving average price of $43.62.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Bank of America 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.