Pzena Investment Management LLC Sells 10,259,377 Shares of Bank of America Corporation (NYSE:BAC)

Pzena Investment Management LLC decreased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 61.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,352,945 shares of the financial services provider's stock after selling 10,259,377 shares during the quarter. Pzena Investment Management LLC owned 0.08% of Bank of America worth $265,108,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. TAGStone Capital Inc. boosted its position in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after acquiring an additional 227 shares during the last quarter. Hayek Kallen Investment Management boosted its position in Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after acquiring an additional 233 shares during the last quarter. Continuum Advisory LLC boosted its position in Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 237 shares during the last quarter. Menard Financial Group LLC boosted its position in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after acquiring an additional 240 shares during the last quarter. Finally, Hancock Whitney Corp boosted its position in Bank of America by 0.3% during the fourth quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider's stock valued at $3,920,000 after acquiring an additional 260 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on BAC. Citigroup upped their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Piper Sandler dropped their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Evercore ISI dropped their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $49.55.

Bank of America Stock Up 2.2%

NYSE:BAC traded up $1.01 on Thursday, hitting $47.04. The stock had a trading volume of 56,462,887 shares, compared to its average volume of 40,516,454. 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 market cap of $354.33 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31. The firm's fifty day simple moving average is $45.32 and its two-hundred day simple moving average is $43.60.

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

Bank of America Dividend Announcement

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