USS Investment Management Ltd Trims Stock Position in Bank of America Co. (NYSE:BAC)

USS Investment Management Ltd lessened its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,066,076 shares of the financial services provider's stock after selling 19,746 shares during the period. USS Investment Management Ltd's holdings in Bank of America were worth $46,881,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Collier Financial purchased a new position in Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc boosted its position in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC purchased a new position in Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

BAC traded down $1.48 on Wednesday, hitting $43.21. 55,580,477 shares of the company traded hands, compared to its average volume of 39,796,220. The company has a 50 day moving average of $40.27 and a 200-day moving average of $43.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $325.43 billion, a PE ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. 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. Finally, Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

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.