Bank of America Co. (NYSE:BAC) Stake Lowered by Accent Capital Management LLC

Accent Capital Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 21.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,000 shares of the financial services provider's stock after selling 8,500 shares during the period. Bank of America makes up about 0.8% of Accent Capital Management LLC's holdings, making the stock its 24th biggest position. Accent Capital Management LLC's holdings in Bank of America were worth $1,362,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BAC. WealthTrak Capital Management LLC acquired a new stake in shares of Bank of America in the 4th quarter worth approximately $346,000. Intrust Bank NA boosted its position in shares of Bank of America by 1.9% in the fourth quarter. Intrust Bank NA now owns 173,245 shares of the financial services provider's stock worth $7,614,000 after acquiring an additional 3,170 shares during the last quarter. Allstate Corp increased its position in Bank of America by 3,746.6% during the fourth quarter. Allstate Corp now owns 207,639 shares of the financial services provider's stock worth $9,126,000 after purchasing an additional 202,241 shares during the last quarter. RiverFront Investment Group LLC boosted its holdings in shares of Bank of America by 27.8% in the 4th quarter. RiverFront Investment Group LLC now owns 27,353 shares of the financial services provider's stock valued at $1,202,000 after purchasing an additional 5,942 shares during the last quarter. Finally, Horizon Investment Services LLC lifted its stake in shares of Bank of America by 6.3% in the 4th quarter. Horizon Investment Services LLC now owns 59,165 shares of the financial services provider's stock valued at $2,600,000 after purchasing an additional 3,481 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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Bank of America Price Performance

Shares of BAC traded down $0.21 during trading hours on Tuesday, hitting $41.53. 11,113,232 shares of the company were exchanged, compared to its average volume of 37,153,903. The firm has a fifty day simple moving average of $44.35 and a 200-day simple moving average of $43.95. The company has a market capitalization of $315.71 billion, a PE ratio of 12.89, a PEG ratio of 1.21 and a beta of 1.32. 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 one year low of $34.15 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 EPS. The business's revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.50%. The ex-dividend date was Friday, March 7th. Bank of America's payout ratio is 32.30%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BAC shares. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and raised their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Finally, Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.31.

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.