Morningstar Investment Management LLC Sells 38,680 Shares of Bank of America Co. (NYSE:BAC)

Morningstar Investment Management LLC reduced its position in Bank of America Co. (NYSE:BAC - Free Report) by 67.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 18,835 shares of the financial services provider's stock after selling 38,680 shares during the period. Morningstar Investment Management LLC's holdings in Bank of America were worth $828,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Accent Capital Management LLC lifted its stake in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider's stock valued at $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments lifted its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider's stock valued at $2,035,000 after buying an additional 36,089 shares during the period. Geode Capital Management LLC boosted its holdings in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Clarendon Private LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $798,000. Finally, Baker Avenue Asset Management LP raised its position in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider's stock valued at $2,421,000 after acquiring an additional 33,983 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BAC. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Finally, Piper Sandler lowered their target price 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.58.

Bank of America Stock Down 1.1 %

Shares of Bank of America stock traded down $0.51 on Friday, reaching $44.80. 30,702,189 shares of the company were exchanged, compared to its average volume of 34,612,152. Bank of America Co. has a one year low of $33.37 and a one year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a 50-day moving average of $45.77 and a 200 day moving average of $43.27. The company has a market capitalization 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 (NYSE:BAC - Get Free Report) last announced 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 analysts' expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.70 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America's dividend payout ratio is 32.30%.

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.