KBC Group NV Sells 201,383 Shares of Bank of America Corporation (NYSE:BAC)

KBC Group NV decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,490,896 shares of the financial services provider's stock after selling 201,383 shares during the period. Bank of America comprises about 1.2% of KBC Group NV's investment portfolio, making the stock its 14th biggest holding. KBC Group NV owned 0.12% of Bank of America worth $396,055,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after acquiring an additional 226,246 shares during the period. Whipplewood Advisors LLC bought a new stake in shares of Bank of America in the fourth quarter worth $57,000. Proficio Capital Partners LLC grew its holdings in shares of Bank of America by 7,164.3% in the fourth quarter. Proficio Capital Partners LLC now owns 890,096 shares of the financial services provider's stock worth $39,120,000 after acquiring an additional 877,843 shares during the period. Finally, Flputnam Investment Management Co. grew its holdings in shares of Bank of America by 2.5% in the fourth quarter. Flputnam Investment Management Co. now owns 426,505 shares of the financial services provider's stock worth $18,745,000 after acquiring an additional 10,366 shares during the period. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BAC. Truist Financial cut their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Piper Sandler cut their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, Cfra Research boosted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.65.

Bank of America Price Performance

Bank of America stock traded down $0.35 during midday trading on Friday, reaching $47.11. 56,663,548 shares of the stock traded hands, compared to its average volume of 39,926,474. The stock's fifty day moving average is $43.31 and its 200-day moving average is $43.33. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a market cap of $354.85 billion, a P/E ratio of 14.02, a PEG ratio of 1.27 and a beta of 1.30. 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 announced its quarterly earnings results 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is 30.95%.

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.