OVERSEA CHINESE BANKING Corp Ltd Sells 16,469 Shares of Bank of America Corporation (NYSE:BAC)

OVERSEA CHINESE BANKING Corp Ltd lowered its position in Bank of America Corporation (NYSE:BAC - Free Report) by 59.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,124 shares of the financial services provider's stock after selling 16,469 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Bank of America were worth $464,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after acquiring an additional 2,033,229 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 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 during the last quarter. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors raised its stake in shares of 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 worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised 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 worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC traded up $0.05 during trading hours on Friday, reaching $47.07. The stock had a trading volume of 10,530,841 shares, compared to its average volume of 40,401,147. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.78 and a current ratio of 0.80. The stock has a 50 day simple moving average of $45.42 and a 200 day simple moving average of $43.62. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The stock has a market cap of $354.53 billion, a P/E ratio of 13.78, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the company earned $0.83 earnings per share. The business's revenue for the quarter was up 4.3% on a year-over-year basis. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis 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 currently 30.95%.

Analyst Ratings Changes

Several brokerages have recently commented on BAC. Cfra Research increased their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Truist Financial increased their price objective on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Citigroup increased their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Finally, The Goldman Sachs Group increased their price target on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $49.55.

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.