ARGA Investment Management LP Has $14.32 Million Stock Position in Bank of America Corporation (NYSE:BAC)

ARGA Investment Management LP cut its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 343,161 shares of the financial services provider's stock after selling 33,116 shares during the quarter. Bank of America makes up approximately 0.5% of ARGA Investment Management LP's holdings, making the stock its 23rd biggest holding. ARGA Investment Management LP's holdings in Bank of America were worth $14,320,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Bank of America in the fourth quarter worth about $5,226,989,000. Capital World Investors lifted its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Northern Trust Corp boosted its holdings in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Bank of America by 39.6% in the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock valued at $1,457,031,000 after purchasing an additional 9,409,076 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.28 during trading on Wednesday, hitting $46.87. The stock had a trading volume of 46,217,283 shares, compared to its average volume of 40,452,904. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The business has a fifty day moving average of $44.60 and a two-hundred day moving average of $43.50. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The firm has a market cap of $353.02 billion, a P/E ratio of 13.95, a PEG ratio of 1.28 and a beta of 1.30.

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 analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Truist Financial upped their target price on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday. Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Piper Sandler cut their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Argus lowered their price objective 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. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.59.

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.