Boston Partners Sells 68,268 Shares of Bank of America Co. (NYSE:BAC)

Boston Partners lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 1.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,679,326 shares of the financial services provider’s stock after selling 68,268 shares during the quarter. Boston Partners’ holdings in Bank of America were worth $205,731,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its position in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the last quarter. Mascoma Wealth Management LLC raised its position in shares of Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after buying an additional 361 shares during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.4 %

Shares of BAC opened at $41.61 on Wednesday. The firm has a market capitalization of $316.37 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12-month low of $34.15 and a 12-month 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 firm has a fifty day moving average price of $45.02 and a 200-day moving average price of $43.78.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.50%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Piper Sandler reduced their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Evercore ISI cut their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Barclays raised their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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.