Barrow Hanley Mewhinney & Strauss LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Barrow Hanley Mewhinney & Strauss LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,913,585 shares of the financial services provider's stock after selling 265,329 shares during the quarter. Bank of America makes up about 1.8% of Barrow Hanley Mewhinney & Strauss LLC's investment portfolio, making the stock its 14th biggest position. Barrow Hanley Mewhinney & Strauss LLC owned about 0.16% of Bank of America worth $523,602,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new stake in Bank of America in the fourth quarter worth about $5,226,989,000. Amundi raised its stake in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the period. Swedbank AB grew its position in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider's stock worth $561,513,000 after buying an additional 5,733,810 shares in the last quarter. Finally, KBC Group NV lifted its stake in Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider's stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the period. Institutional investors own 70.71% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Friday, January 17th. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and upped their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Hsbc Global Res raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $48.45.

Bank of America Price Performance

Shares of BAC stock traded up $0.55 during trading hours on Monday, reaching $41.80. The company had a trading volume of 36,386,465 shares, compared to its average volume of 37,254,779. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a market capitalization of $317.80 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.21 and a beta of 1.32. 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 stock has a fifty day moving average of $44.45 and a 200-day moving average of $43.93.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the company earned $0.70 EPS. On average, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.49%. Bank of America's payout ratio is 32.30%.

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.