Lowe Brockenbrough & Co. Inc. Has $1.04 Million Stock Position in Bank of America Co. (NYSE:BAC)

Lowe Brockenbrough & Co. Inc. lowered its stake in Bank of America Co. (NYSE:BAC) by 8.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 23,708 shares of the financial services provider’s stock after selling 2,108 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Bank of America were worth $1,042,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB boosted its holdings in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares during the period. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Bank of America in the 3rd quarter valued at about $2,024,000. Ontario Teachers Pension Plan Board bought a new stake in Bank of America in the 3rd quarter valued at about $479,000. Finally, Pacer Advisors Inc. boosted its holdings in Bank of America by 3.3% in the 3rd quarter. Pacer Advisors Inc. now owns 500,581 shares of the financial services provider’s stock valued at $19,863,000 after purchasing an additional 16,032 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BAC shares. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Stock Down 0.0 %

NYSE:BAC opened at $42.47 on Friday. The firm has a 50-day simple moving average of $44.81 and a two-hundred day simple moving average of $43.77. 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 firm has a market cap of $322.88 billion, a P/E ratio of 13.19, a P/E/G 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 announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 EPS. Analysts predict 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 disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 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.