Letko Brosseau & Associates Inc. Trims Holdings in Bank of America Co. (NYSE:BAC)

Letko Brosseau & Associates Inc. lessened its position in Bank of America Co. (NYSE:BAC - Free Report) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,355,052 shares of the financial services provider's stock after selling 19,266 shares during the period. Letko Brosseau & Associates Inc.'s holdings in Bank of America were worth $59,555,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management acquired a new position in Bank of America in the fourth quarter valued at about $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 in the last quarter. Keybank National Association OH grew its holdings 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 purchasing an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.6%

NYSE BAC traded up $0.25 during trading on Friday, hitting $44.63. The company had a trading volume of 28,564,020 shares, compared to its average volume of 39,522,991. The company's fifty day moving average is $39.93 and its 200-day moving average is $43.53. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $336.11 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BAC shares. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Truist Financial cut 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 report on Wednesday, April 16th. Finally, Piper Sandler cut their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

About Bank of America

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.