Bank of America Corporation (NYSE:BAC) Shares Sold by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 33.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,406,066 shares of the financial services provider's stock after selling 3,261,279 shares during the period. Robeco Institutional Asset Management B.V. owned about 0.08% of Bank of America worth $267,325,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors raised its position 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 purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 10.6% during the fourth 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 purchasing an additional 11,691,451 shares in the last quarter. Amundi boosted its position in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after buying an additional 10,231,001 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $46.85 on Thursday. The company has a market cap of $352.87 billion, a P/E ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30. The business has a 50 day moving average of $42.91 and a two-hundred day moving average of $43.33. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed 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 2.22%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on shares of 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. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Piper Sandler dropped their price target on shares of 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. Finally, Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.40.

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.

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