Mattson Financial Services LLC Sells 11,921 Shares of Bank of America Co. (NYSE:BAC)

Mattson Financial Services LLC lessened its stake in Bank of America Co. (NYSE:BAC - Free Report) by 16.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,541 shares of the financial services provider's stock after selling 11,921 shares during the quarter. Mattson Financial Services LLC's holdings in Bank of America were worth $2,661,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after acquiring an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in Bank of America in the 4th quarter valued at about $60,679,000. Arizona State Retirement System grew its holdings in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares during the period. Keybank National Association OH grew its holdings in Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after buying an additional 297,858 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC traded down $0.10 on Friday, hitting $44.14. 66,528,527 shares of the stock were exchanged, compared to its average volume of 39,868,402. The firm has a market capitalization of $332.46 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The business has a 50-day moving average of $40.46 and a two-hundred day moving average of $43.56.

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 earnings per share for the quarter, topping 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 net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BAC. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Citigroup decreased their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Piper Sandler cut their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Company 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.