Tidal Investments LLC trimmed its position in Bank of America Co. (NYSE:BAC - Free Report) by 8.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,427 shares of the financial services provider's stock after selling 24,469 shares during the period. Tidal Investments LLC's holdings in Bank of America were worth $11,885,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of BAC. Theleme Partners LLP purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $263,449,000. TrinityPoint Wealth LLC raised its holdings in Bank of America by 1.5% in the 4th quarter. TrinityPoint Wealth LLC now owns 37,137 shares of the financial services provider's stock valued at $1,632,000 after acquiring an additional 544 shares during the last quarter. Stonebrook Private Inc. lifted its stake in shares of Bank of America by 4.5% during the 4th quarter. Stonebrook Private Inc. now owns 18,503 shares of the financial services provider's stock worth $813,000 after purchasing an additional 804 shares during the period. Strive Asset Management LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $896,000. Finally, Sculptor Capital LP grew its position in shares of Bank of America by 29.3% in the fourth quarter. Sculptor Capital LP now owns 1,102,655 shares of the financial services provider's stock valued at $48,462,000 after purchasing an additional 250,000 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.
Bank of America Trading Down 3.3%
Bank of America stock traded down $1.48 during midday trading on Wednesday, reaching $43.21. The stock had a trading volume of 55,580,477 shares, compared to its average volume of 39,796,177. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $325.43 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. The firm's fifty day simple moving average is $40.23 and its two-hundred day simple moving average is $43.59.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.
Analyst Ratings Changes
Several brokerages have recently weighed in on BAC. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial reduced their target price on shares of 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. Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Finally, JPMorgan Chase & Co. lowered 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. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.
Check Out Our Latest Research Report on Bank of America
About Bank of America
(
Free Report)
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.
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