LSV Asset Management Sells 6,938 Shares of Bank of America Co. (NYSE:BAC)

LSV Asset Management cut its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 0.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,636,836 shares of the financial services provider's stock after selling 6,938 shares during the period. LSV Asset Management's holdings in Bank of America were worth $159,839,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Norges Bank bought a new position in shares of Bank of America during the 4th quarter valued at approximately $5,226,989,000. Bank of New York Mellon Corp lifted its stake in Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider's stock valued at $2,620,028,000 after purchasing an additional 2,806,927 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider's stock valued at $2,060,703,000 after purchasing an additional 1,671,610 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after buying an additional 297,858 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC traded up $0.67 on Monday, hitting $36.62. The stock had a trading volume of 22,666,397 shares, compared to its average volume of 39,140,153. The business's 50-day simple moving average is $42.25 and its two-hundred day simple moving average is $43.72. The stock has a market cap of $278.41 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's payout ratio is 32.30%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Evercore ISI dropped their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Citigroup lowered their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. Truist Financial cut their target price on shares of Bank of America from $53.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Finally, Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $48.31.

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.