Dimensional Fund Advisors LP Sells 766,274 Shares of Bank of America Co. (NYSE:BAC)

Dimensional Fund Advisors LP reduced its position in Bank of America Co. (NYSE:BAC) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,768,061 shares of the financial services provider’s stock after selling 766,274 shares during the period. Bank of America comprises approximately 0.3% of Dimensional Fund Advisors LP’s holdings, making the stock its 28th largest position. Dimensional Fund Advisors LP owned approximately 0.41% of Bank of America worth $1,396,187,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Collier Financial bought a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $29,000. Finally, Glass Jacobson Investment Advisors llc grew its position in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after buying an additional 276 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.3 %

Shares of NYSE:BAC opened at $37.44 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a market capitalization of $284.65 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24. The business’s 50 day simple moving average is $41.27 and its 200 day simple moving average is $43.59.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 30.95%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BAC. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Piper Sandler reduced their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday. Cfra Research upped their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial decreased their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.