Korea Investment CORP trimmed its holdings in shares of Bank of America Co. (NYSE:BAC – Free Report) by 11.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,430,577 shares of the financial services provider’s stock after selling 801,302 shares during the period. Korea Investment CORP owned about 0.08% of Bank of America worth $184,493,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Berkshire Hathaway Inc raised its stake in shares of Bank of America by 2.3% during the first quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after acquiring an additional 22,751,400 shares during the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Bank of America by 1.5% during the first quarter. Geode Capital Management LLC now owns 125,467,577 shares of the financial services provider’s stock valued at $3,580,515,000 after acquiring an additional 1,830,802 shares during the last quarter. Norges Bank bought a new position in shares of Bank of America during the fourth quarter valued at about $3,436,543,000. Finally, Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Bank of America by 69,466.5% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 97,976,121 shares of the financial services provider’s stock valued at $2,810,935,000 after acquiring an additional 97,835,283 shares during the last quarter. 68.06% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on BAC. StockNews.com initiated coverage on shares of Bank of America in a research note on Thursday, October 5th. They set a “hold” rating for the company. Piper Sandler decreased their price target on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday, September 15th. HSBC initiated coverage on shares of Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 price target for the company. Jefferies Financial Group decreased their price target on shares of Bank of America from $31.00 to $28.00 in a research note on Tuesday, October 10th. Finally, BMO Capital Markets increased their price target on shares of Bank of America from $39.00 to $40.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.54.
Bank of America Stock Performance
BAC stock traded down $0.24 on Tuesday, hitting $29.77. The company had a trading volume of 14,361,490 shares, compared to its average volume of 48,829,871. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.87. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12. The stock’s 50-day simple moving average is $27.45 and its 200 day simple moving average is $28.62. The stock has a market cap of $235.59 billion, a price-to-earnings ratio of 8.41, a P/E/G ratio of 1.22 and a beta of 1.38.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.07. The business had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $25.13 billion. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.46 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.22%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio is presently 26.89%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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