Bank of America Co. (NYSE:BAC) Holdings Lowered by Arnhold LLC

Arnhold LLC lowered its position in Bank of America Co. (NYSE:BAC - Free Report) by 8.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 268,942 shares of the financial services provider's stock after selling 25,725 shares during the quarter. Arnhold LLC's holdings in Bank of America were worth $11,820,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in BAC. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Bank of America during the 4th quarter valued at $60,679,000. Arizona State Retirement System boosted its position in shares of Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Keybank National Association OH grew its stake in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after buying an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after buying an additional 297,858 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.8 %

BAC traded up $0.31 during midday trading on Tuesday, hitting $40.09. The company's stock had a trading volume of 14,359,435 shares, compared to its average volume of 39,058,049. The firm has a 50-day moving average price of $40.36 and a two-hundred day moving average price of $43.59. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The firm has a market cap of $304.77 billion, a P/E ratio of 12.46, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.59%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Barclays lowered their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Oppenheimer upped their price target on shares of Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday. 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. UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Finally, Cfra Research raised their price objective on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. One equities 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 given a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price 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.