AEGON ASSET MANAGEMENT UK Plc Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

AEGON ASSET MANAGEMENT UK Plc lowered its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 388,152 shares of the financial services provider's stock after selling 12,010 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc's holdings in Bank of America were worth $16,205,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Bank of America by 4.6% during 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 purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new stake in Bank of America in the 4th quarter worth approximately $60,679,000. Arizona State Retirement System boosted its stake in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after buying an additional 10,377 shares in the last quarter. Keybank National Association OH grew its position in Bank of America by 1.1% during 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 acquiring an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bank of America by 0.7% during 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 in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.0%

Bank of America stock traded down $0.01 during mid-day trading on Thursday, hitting $44.35. The company had a trading volume of 31,687,491 shares, compared to its average volume of 43,684,223. Bank of America Co. has a 12 month low of $33.06 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock's 50 day moving average price is $40.59 and its two-hundred day moving average price is $43.52. The company has a market capitalization of $334.05 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

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

Bank of America Announces Dividend

The company also recently declared 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. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BAC shares. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Truist Financial reduced their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Finally, Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $47.50.

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.