Daiwa Securities Group Inc. Trims Stake in Bank of America Co. (NYSE:BAC)

Daiwa Securities Group Inc. decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 938,908 shares of the financial services provider's stock after selling 20,086 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Bank of America were worth $41,265,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Collier Financial purchased a new position in Bank of America in the 4th quarter worth about $25,000. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at about $42,000. Finally, POM Investment Strategies LLC increased its position in shares of Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,006 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BAC shares. Oppenheimer upped their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research note on Friday, January 17th. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research note on Friday, January 17th. Morgan Stanley boosted their price objective 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. Finally, Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $48.64.

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Bank of America Stock Down 3.9 %

NYSE BAC traded down $1.62 during trading on Monday, hitting $39.79. The company's stock had a trading volume of 77,478,116 shares, compared to its average volume of 35,962,630. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $302.55 billion, a PE ratio of 12.36, a P/E/G ratio of 1.21 and a beta of 1.32. The business's 50 day simple moving average is $45.53 and its 200-day simple moving average is $43.76. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate 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 quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 earnings per share. On average, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, March 7th. 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.