Bank of America Co. (NYSE:BAC) is Pavion Blue Capital LLC’s 7th Largest Position

Pavion Blue Capital LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 0.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 191,659 shares of the financial services provider’s stock after selling 779 shares during the quarter. Bank of America accounts for approximately 4.0% of Pavion Blue Capital LLC’s investment portfolio, making the stock its 7th largest position. Pavion Blue Capital LLC’s holdings in Bank of America were worth $8,423,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the period. Fisher Asset Management LLC boosted its stake in Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after buying an additional 1,731,003 shares during the period. Sanders Capital LLC boosted its stake in Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after buying an additional 59,853 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Bank of America by 1.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock worth $696,940,000 after buying an additional 285,117 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $44.80 on Friday. Bank of America Co. has a fifty-two week low of $33.37 and a fifty-two week high of $48.08. The firm has a market capitalization of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock’s 50-day simple moving average is $45.75 and its 200-day simple moving average is $43.37.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.70 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.