Commerce Bank Sells 76,658 Shares of Bank of America Co. (NYSE:BAC)

Commerce Bank lowered its stake in Bank of America Co. (NYSE:BAC - Free Report) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,099,137 shares of the financial services provider's stock after selling 76,658 shares during the period. Commerce Bank's holdings in Bank of America were worth $48,307,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BAC. Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley lifted 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 research report on Friday, January 17th. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Finally, Piper Sandler lowered their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.43.

Bank of America Stock Up 3.4 %

Shares of Bank of America stock traded up $1.25 on Tuesday, hitting $38.17. The company had a trading volume of 14,788,945 shares, compared to its average volume of 38,949,336. The stock has a market capitalization of $290.20 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a 50 day moving average of $41.09 and a 200-day moving average of $43.63.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share 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 company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.72%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.