Kestra Investment Management LLC Has $708,000 Holdings in Bank of America Co. (NYSE:BAC)

Kestra Investment Management LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 40.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,116 shares of the financial services provider's stock after selling 10,830 shares during the period. Kestra Investment Management LLC's holdings in Bank of America were worth $708,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Two Sigma Advisers LP increased its position 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 worth $405,049,000 after acquiring an additional 10,175,100 shares in the last quarter. Swedbank AB increased its position in shares of 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 in the last quarter. KBC Group NV lifted its holdings in shares of 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 purchasing an additional 5,493,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Bank of America by 193.4% in the third 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 purchasing an additional 5,015,378 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider's stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.51 during trading hours on Friday, reaching $44.80. The stock had a trading volume of 43,472,525 shares, compared to its average volume of 35,078,777. The business's fifty day moving average is $45.77 and its two-hundred day moving average is $43.27. 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 $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.24 and a beta of 1.33. Bank of America Co. has a twelve month low of $33.37 and a twelve month high of $48.08.

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 for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the business earned $0.70 EPS. The firm's revenue was up 15.0% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America's dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Truist Financial increased their target price 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 lifted 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. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research report on Friday, January 17th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Finally, Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $48.58.

Bank of America Company 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.