abrdn plc Cuts Stock Position in Bank of America Co. (NYSE:BAC)

abrdn plc decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,964,729 shares of the financial services provider's stock after selling 341,455 shares during the quarter. abrdn plc owned 0.08% of Bank of America worth $261,464,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in BAC. Czech National Bank raised its holdings in Bank of America by 6.0% in the third quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider's stock valued at $54,569,000 after acquiring an additional 78,376 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Bank of America by 14.5% in the 3rd quarter. GAMMA Investing LLC now owns 94,287 shares of the financial services provider's stock valued at $3,741,000 after purchasing an additional 11,909 shares in the last quarter. WealthBridge Capital Management LLC lifted its position in shares of Bank of America by 22.9% during the 3rd quarter. WealthBridge Capital Management LLC now owns 8,124 shares of the financial services provider's stock worth $322,000 after purchasing an additional 1,515 shares during the last quarter. Diversified Trust Co grew its stake in shares of Bank of America by 34.8% during the third quarter. Diversified Trust Co now owns 162,072 shares of the financial services provider's stock worth $6,431,000 after purchasing an additional 41,877 shares in the last quarter. Finally, Smith Anglin Financial LLC increased its holdings in Bank of America by 13.6% in the third quarter. Smith Anglin Financial LLC now owns 13,007 shares of the financial services provider's stock valued at $516,000 after buying an additional 1,561 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.1 %

BAC stock opened at $46.23 on Tuesday. The firm's 50-day moving average is $45.83 and its two-hundred day moving average is $42.77. The company has a market capitalization of $354.72 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33. Bank of America Co. has a 52 week low of $32.35 and a 52 week 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.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's payout ratio is 32.30%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a report on Tuesday, December 3rd. Citigroup upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $48.58.

Bank of America 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.

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