AQR Capital Management LLC Reduces Stock Position in Bank of America Co. (NYSE:BAC)

AQR Capital Management LLC lessened its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 20.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,875,181 shares of the financial services provider's stock after selling 1,255,677 shares during the period. AQR Capital Management LLC owned 0.06% of Bank of America worth $214,264,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in BAC. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the fourth quarter worth $31,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after buying an additional 276 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 0.2 %

BAC opened at $39.78 on Tuesday. 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's 50 day simple moving average is $40.36 and its two-hundred day simple moving average is $43.59. 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 $302.44 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BAC shares. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. Truist Financial cut their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Finally, Argus reduced their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America Company 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.

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