Canada Pension Plan Investment Board Sells 398,839 Shares of Bank of America Co. (NYSE:BAC)

Canada Pension Plan Investment Board trimmed its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,060,008 shares of the financial services provider's stock after selling 398,839 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.20% of Bank of America worth $661,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in BAC. Geode Capital Management LLC lifted its holdings in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after buying an additional 2,033,229 shares during the period. Norges Bank acquired a new stake in Bank of America during the fourth quarter worth approximately $5,226,989,000. Bank of New York Mellon Corp lifted its stake in Bank of America by 4.9% in the fourth 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 boosted its holdings in shares of Bank of America by 3.7% during the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider's stock worth $2,060,703,000 after buying an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after buying an additional 297,858 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on BAC shares. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday. Evercore ISI reduced their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Cfra Research lifted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Truist Financial lowered their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.20.

Bank of America Stock Performance

NYSE BAC traded up $0.11 during trading on Friday, hitting $37.44. 47,052,978 shares of the company's stock traded hands, compared to its average volume of 39,127,145. The stock has a market capitalization of $284.65 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24. 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 business has a 50 day moving average of $41.27 and a 200-day moving average of $43.59. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

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 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders 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 2.78%. The ex-dividend date was Friday, March 7th. Bank of America's payout ratio is presently 30.95%.

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.