Corebridge Financial Inc. Decreases Stake in Bank of America Co. (NYSE:BAC)

Corebridge Financial Inc. decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 5.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,534,217 shares of the financial services provider's stock after selling 91,673 shares during the period. Bank of America comprises approximately 0.4% of Corebridge Financial Inc.'s investment portfolio, making the stock its 27th biggest holding. Corebridge Financial Inc.'s holdings in Bank of America were worth $67,429,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc boosted its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Fairway Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter worth about $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the fourth 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 during the period. Finally, Mascoma Wealth Management LLC increased its stake in shares of Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider's stock valued at $39,000 after buying an additional 361 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. 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. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Barclays raised 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. Finally, Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.45.

Bank of America Stock Up 0.6 %

Shares of NYSE BAC traded up $0.24 during midday trading on Tuesday, hitting $43.31. 25,148,909 shares of the stock traded hands, compared to its average volume of 35,889,184. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The business has a 50 day moving average price of $44.77 and a two-hundred day moving average price of $43.83. 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 company has a market cap of $329.28 billion, a PE ratio of 13.45, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 EPS. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.40%. 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.