Arrowstreet Capital Limited Partnership Has $435.95 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 66.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,919,154 shares of the financial services provider's stock after selling 19,653,417 shares during the period. Arrowstreet Capital Limited Partnership owned 0.13% of Bank of America worth $435,947,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Norges Bank bought a new position in Bank of America in the 4th quarter valued at $5,226,989,000. Bank of New York Mellon Corp increased its stake in shares of Bank of America by 4.9% in the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider's stock valued at $2,620,028,000 after buying an additional 2,806,927 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider's stock valued at $2,060,703,000 after acquiring an additional 1,671,610 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

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Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a report on Friday, January 17th. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and increased their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $48.31.

Bank of America Stock Up 1.1 %

Shares of NYSE BAC traded up $0.47 during midday trading on Wednesday, reaching $41.96. The company's stock had a trading volume of 12,562,408 shares, compared to its average volume of 37,126,136. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The stock has a 50 day simple moving average of $44.25 and a 200-day simple moving average of $43.97. The stock has a market capitalization of $319.01 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 1.21 and a beta of 1.32. 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 issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared 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 dividend yield of 2.48%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio (DPR) is 32.30%.

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.