Bank of America Co. (NYSE:BAC) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lowered its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 38.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,317,359 shares of the financial services provider's stock after selling 3,285,270 shares during the quarter. Jennison Associates LLC owned 0.07% of Bank of America worth $233,698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Two Sigma Advisers LP increased its position in shares of Bank of America by 31,021.6% during the 3rd 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 last quarter. Swedbank AB raised its position in Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider's stock worth $561,513,000 after acquiring an additional 5,733,810 shares during the period. KBC Group NV boosted 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 valued at $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider's stock valued at $301,898,000 after acquiring an additional 5,015,378 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider's stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 0.1 %

BAC stock traded down $0.07 during midday trading on Monday, reaching $46.23. 36,480,730 shares of the company traded hands, compared to its average volume of 36,949,066. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The firm has a market capitalization of $354.72 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 1.26 and a beta of 1.33. 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 business has a 50 day moving average of $45.83 and a 200-day moving average of $42.77.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America's payout ratio is 32.30%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a report on Friday, January 17th. 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. Morgan Stanley increased their target price on shares of 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. 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 note on Friday, January 17th. Finally, HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.58.

About Bank of America

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.