Kerrisdale Advisers LLC Has $1.75 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Kerrisdale Advisers LLC reduced its stake in Bank of America Co. (NYSE:BAC - Free Report) by 53.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,759 shares of the financial services provider's stock after selling 45,370 shares during the quarter. Kerrisdale Advisers LLC's holdings in Bank of America were worth $1,747,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Bank of America by 4.6% during 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 last quarter. OFI Invest Asset Management purchased a new position in Bank of America during the fourth quarter worth approximately $60,679,000. Arizona State Retirement System boosted its holdings in shares of Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH grew its stake in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after buying an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 0.7% in the 4th 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 period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BAC shares. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Truist Financial decreased their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Royal Bank of Canada cut their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Finally, Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.43.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.17 during mid-day trading on Monday, hitting $39.52. The company had a trading volume of 17,097,940 shares, compared to its average volume of 39,073,807. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a market cap of $300.46 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 1.21 and a beta of 1.24. 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's 50 day simple moving average is $40.48 and its two-hundred day simple moving average is $43.60.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate 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. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.