Two Sigma Investments LP cut its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,382,353 shares of the financial services provider's stock after selling 301,638 shares during the period. Bank of America comprises approximately 0.5% of Two Sigma Investments LP's holdings, making the stock its 24th largest position. Two Sigma Investments LP owned approximately 0.07% of Bank of America worth $236,554,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in BAC. Texas Bank & Trust Co bought a new position in Bank of America in the fourth quarter worth approximately $244,000. Theleme Partners LLP bought a new position in Bank of America in the 4th quarter worth $263,449,000. TrinityPoint Wealth LLC raised its holdings in Bank of America by 1.5% in the 4th quarter. TrinityPoint Wealth LLC now owns 37,137 shares of the financial services provider's stock worth $1,632,000 after purchasing an additional 544 shares during the period. Stonebrook Private Inc. raised its holdings in Bank of America by 4.5% in the 4th quarter. Stonebrook Private Inc. now owns 18,503 shares of the financial services provider's stock worth $813,000 after purchasing an additional 804 shares during the period. Finally, Strive Asset Management LLC bought a new position in Bank of America in the 4th quarter worth $896,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on BAC. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Evercore ISI lowered their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Argus lowered their price objective on 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. TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered their price objective 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.50.
View Our Latest Stock Analysis on Bank of America
Bank of America Price Performance
Bank of America stock traded down $1.48 during mid-day trading on Wednesday, reaching $43.21. 55,580,477 shares of the company's stock traded hands, compared to its average volume of 39,796,177. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average of $40.23 and a two-hundred day moving average of $43.59. The company has a market cap of $325.43 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The business 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.41%. Bank of America's dividend payout ratio is currently 30.95%.
Bank of America 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.
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