Brandywine Global Investment Management LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Brandywine Global Investment Management LLC decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,701,458 shares of the financial services provider's stock after selling 47,767 shares during the quarter. Bank of America accounts for approximately 2.1% of Brandywine Global Investment Management LLC's holdings, making the stock its 2nd biggest holding. Brandywine Global Investment Management LLC owned 0.09% of Bank of America worth $294,529,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Algert Global LLC bought a new position in shares of Bank of America in the third quarter valued at approximately $606,000. Financial Counselors Inc. boosted its holdings in shares of Bank of America by 41.3% in the 3rd quarter. Financial Counselors Inc. now owns 84,013 shares of the financial services provider's stock worth $3,334,000 after acquiring an additional 24,552 shares in the last quarter. Martingale Asset Management L P grew its position in Bank of America by 1,465.8% during the 3rd quarter. Martingale Asset Management L P now owns 149,412 shares of the financial services provider's stock worth $5,929,000 after acquiring an additional 139,870 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in Bank of America by 1.8% during the 3rd quarter. Fred Alger Management LLC now owns 190,337 shares of the financial services provider's stock valued at $7,553,000 after purchasing an additional 3,335 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BAC shares. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Piper Sandler dropped their target price on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research report on Friday, January 17th. Finally, Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $48.45.

Bank of America Stock Up 1.3 %

BAC traded up $0.55 during trading hours on Monday, hitting $41.80. 36,386,465 shares of the company's stock were exchanged, compared to its average volume of 37,254,779. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The stock's 50-day moving average is $44.45 and its two-hundred day moving average is $43.93. The stock has a market cap of $317.80 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.21 and a beta of 1.32.

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 the consensus estimate of $0.77 by $0.05. The business 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Friday, March 7th. Bank of America's payout ratio is currently 32.30%.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.