Worldquant Millennium Advisors LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 32.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,719,854 shares of the financial services provider's stock after selling 838,286 shares during the period. Worldquant Millennium Advisors LLC's holdings in Bank of America were worth $75,588,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter valued at approximately $25,000. Collier Financial acquired a new stake in Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter valued at approximately $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the 4th quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
BAC has been the subject of several analyst reports. Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Citigroup decreased their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $47.50.
Check Out Our Latest Report on BAC
Bank of America Stock Performance
Shares of BAC stock opened at $44.74 on Tuesday. The firm has a fifty day moving average price of $40.13 and a 200 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. The company has a market cap of $336.98 billion, a P/E ratio of 13.89, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.
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 (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Sell-side 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 declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid 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 2.32%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.
Bank of America Company Profile
(
Free Report)
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.
Further Reading
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