Arvest Bank Trust Division Sells 10,529 Shares of Bank of America Co. (NYSE:BAC)

Arvest Bank Trust Division trimmed its stake in Bank of America Co. (NYSE:BAC) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 457,426 shares of the financial services provider’s stock after selling 10,529 shares during the period. Bank of America accounts for about 1.2% of Arvest Bank Trust Division’s investment portfolio, making the stock its 23rd biggest holding. Arvest Bank Trust Division’s holdings in Bank of America were worth $20,104,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Morse Asset Management Inc bought a new position in shares of Bank of America during the third quarter valued at approximately $306,000. SkyView Investment Advisors LLC lifted its holdings in shares of Bank of America by 4.3% during the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock valued at $619,000 after purchasing an additional 645 shares during the last quarter. Tudor Financial Inc. bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $645,000. Finally, Eaton Financial Holdings Company LLC purchased a new stake in shares of Bank of America in the 3rd quarter worth approximately $488,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.7 %

NYSE:BAC opened at $37.35 on Thursday. The firm has a market capitalization of $283.96 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth 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 business has a fifty day moving average price of $41.65 and a 200-day moving average price of $43.62. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BAC shares. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Keefe, Bruyette & Woods decreased 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 report on Wednesday. Truist Financial cut their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.20.

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.