Great Valley Advisor Group Inc. Sells 19,654 Shares of Bank of America Co. (NYSE:BAC)

Great Valley Advisor Group Inc. decreased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 7.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 239,373 shares of the financial services provider's stock after selling 19,654 shares during the quarter. Great Valley Advisor Group Inc.'s holdings in Bank of America were worth $10,520,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America in the 4th quarter valued at approximately $5,226,989,000. Capital World Investors raised its stake in shares of Bank of America by 23.9% in the 4th 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 in the last quarter. Price T Rowe Associates Inc. MD raised its stake 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 valued at $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Amundi raised its stake in shares of Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Bank of America by 17.2% in 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 in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Truist Financial dropped their price target on 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. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research report on Thursday. Keefe, Bruyette & Woods dropped 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. Finally, Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Trading Up 2.3%

NYSE:BAC traded up $1.00 on Tuesday, reaching $44.20. The company's stock had a trading volume of 36,298,959 shares, compared to its average volume of 39,781,357. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $332.91 billion, a PE ratio of 13.73, a PEG ratio of 1.21 and a beta of 1.27. The business's 50-day moving average price is $40.36 and its two-hundred day moving average price is $43.58. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $26.83 billion. Equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 annualized dividend and a yield of 2.35%. Bank of America's dividend 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.