Factory Mutual Insurance Co. Sells 129,000 Shares of Bank of America Co. (NYSE:BAC)

Factory Mutual Insurance Co. reduced its position in Bank of America Co. (NYSE:BAC - Free Report) by 16.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 662,080 shares of the financial services provider's stock after selling 129,000 shares during the quarter. Factory Mutual Insurance Co.'s holdings in Bank of America were worth $29,098,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Marino Stram & Associates LLC raised its holdings in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after acquiring an additional 222 shares during the last quarter. Keudell Morrison Wealth Management raised its holdings in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after acquiring an additional 223 shares during the last quarter. Traveka Wealth LLC raised its holdings in shares of Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider's stock worth $382,000 after acquiring an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC increased its stake in Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider's stock valued at $1,484,000 after purchasing an additional 227 shares during the last quarter. Finally, Beacon Investment Advisory Services Inc. increased its stake in Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider's stock valued at $828,000 after purchasing an additional 231 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BAC. Barclays upped their target price 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. Phillip Securities upgraded Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a research note on Friday, January 17th. HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $48.58.

Bank of America Trading Down 1.0 %

Shares of BAC opened at $46.25 on Friday. The company has a market capitalization of $354.84 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.27 and a beta of 1.33. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. 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 50-day moving average price of $45.85 and a 200 day moving average price of $42.76.

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 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The firm 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%. Bank of America's revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.70 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

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 issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's dividend payout ratio is currently 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.

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