RedJay Asset Management Inc. Sells 25,000 Shares of Bank of America Co. (NYSE:BAC)

RedJay Asset Management Inc. lowered its stake in Bank of America Co. (NYSE:BAC - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 250,000 shares of the financial services provider's stock after selling 25,000 shares during the quarter. Bank of America comprises approximately 6.7% of RedJay Asset Management Inc.'s holdings, making the stock its 5th largest holding. RedJay Asset Management Inc.'s holdings in Bank of America were worth $10,988,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew 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 acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the 4th quarter valued at about $60,679,000. Arizona State Retirement System grew its holdings 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 valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH grew its holdings in shares of Bank of America by 1.1% in the 4th 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in 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 purchasing an additional 297,858 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Up 2.3%

Shares of NYSE BAC traded up $1.00 during trading on Tuesday, hitting $44.20. 36,298,959 shares of the company traded hands, compared to its average volume of 39,781,357. The business's fifty day moving average is $40.36 and its 200 day moving average is $43.58. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a market capitalization of $332.91 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 1.21 and a beta of 1.27. 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 (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America's dividend payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BAC. Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Royal Bank of Canada cut their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

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.