Bank of America Co. (NYSE:BAC) Shares Sold by Securian Asset Management Inc.

Securian Asset Management Inc. lessened its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 3.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 358,774 shares of the financial services provider's stock after selling 14,603 shares during the period. Securian Asset Management Inc.'s holdings in Bank of America were worth $15,768,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Collier Financial acquired a new position in Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc boosted its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America in the 3rd quarter valued at $29,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $29,000. Finally, Highline Wealth Partners LLC boosted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after buying an additional 510 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a report on Friday, January 17th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a report on Friday, January 17th. Keefe, Bruyette & Woods upped their target price 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. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. Finally, Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.64.

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Bank of America Price Performance

Shares of NYSE BAC opened at $39.62 on Wednesday. The stock has a market cap of $301.29 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company's 50-day moving average price is $45.44 and its 200 day moving average price is $43.76. 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 data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. During the same period in the prior year, the company earned $0.70 EPS. The firm's revenue was up 15.0% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America's dividend 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.

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