Bank of America Co. (NYSE:BAC) Shares Sold by Arvest Bank Trust Division

Arvest Bank Trust Division trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 457,426 shares of the financial services provider's stock after selling 10,529 shares during the period. Bank of America comprises approximately 1.2% of Arvest Bank Trust Division's portfolio, making the stock its 23rd largest position. Arvest Bank Trust Division's holdings in Bank of America were worth $20,104,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co boosted its stake in Bank of America by 2.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 5,972,314 shares of the financial services provider's stock worth $262,469,000 after purchasing an additional 130,277 shares in the last quarter. Ally Financial Inc. purchased a new position in shares of Bank of America in the fourth quarter worth approximately $2,022,000. GKV Capital Management Co. Inc. bought a new stake in Bank of America during the fourth quarter valued at about $88,000. Salzhauer Michael increased its position in Bank of America by 27.5% in the fourth quarter. Salzhauer Michael now owns 1,752,003 shares of the financial services provider's stock worth $77,001,000 after buying an additional 377,900 shares in the last quarter. Finally, Greenwood Gearhart Inc. purchased a new position in Bank of America during the fourth quarter valued at approximately $485,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BAC shares. Truist Financial decreased their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday. Royal Bank of Canada decreased their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday. Finally, Evercore ISI reduced their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $47.20.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.11 during mid-day trading on Friday, hitting $37.44. The stock had a trading volume of 47,052,978 shares, compared to its average volume of 39,127,145. The company has a 50 day moving average of $41.27 and a two-hundred day moving average of $43.59. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $284.65 billion, a PE ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

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.