Point72 Hong Kong Ltd Sells 19,088 Shares of Bank of America Co. (NYSE:BAC)

Point72 Hong Kong Ltd lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 20.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 73,735 shares of the financial services provider’s stock after selling 19,088 shares during the period. Point72 Hong Kong Ltd’s holdings in Bank of America were worth $3,241,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. PointState Capital LP grew its position in shares of Bank of America by 74.3% in the fourth quarter. PointState Capital LP now owns 4,278,353 shares of the financial services provider’s stock valued at $188,034,000 after purchasing an additional 1,824,120 shares during the last quarter. Polar Capital Holdings Plc acquired a new position in Bank of America in the 4th quarter valued at $30,610,000. ProShare Advisors LLC grew its holdings in Bank of America by 9.8% in the 4th quarter. ProShare Advisors LLC now owns 1,458,827 shares of the financial services provider’s stock valued at $64,115,000 after buying an additional 129,719 shares in the last quarter. Quantinno Capital Management LP increased its position in Bank of America by 23.9% during the 4th quarter. Quantinno Capital Management LP now owns 570,953 shares of the financial services provider’s stock worth $25,093,000 after buying an additional 110,246 shares during the period. Finally, Pathstone Holdings LLC lifted its holdings in shares of Bank of America by 3.7% during the fourth quarter. Pathstone Holdings LLC now owns 1,012,885 shares of the financial services provider’s stock worth $44,522,000 after buying an additional 35,875 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BAC shares. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. UBS Group upped their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Truist Financial cut their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Finally, Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Stock Up 1.2%

NYSE:BAC opened at $44.82 on Thursday. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. 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 cap of $337.58 billion, a PE ratio of 13.92, a P/E/G ratio of 1.21 and a beta of 1.27. The firm’s 50 day simple moving average is $39.84 and its 200 day simple moving average is $43.52.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS 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 firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America’s payout ratio is presently 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.