Bank of America Co. (NYSE:BAC) Shares Sold by TB Alternative Assets Ltd.

TB Alternative Assets Ltd. reduced its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 19.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 193,000 shares of the financial services provider's stock after selling 45,700 shares during the quarter. Bank of America makes up approximately 1.8% of TB Alternative Assets Ltd.'s holdings, making the stock its 16th biggest position. TB Alternative Assets Ltd.'s holdings in Bank of America were worth $7,319,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Bank of America in the fourth quarter valued at $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider's stock worth $1,255,514,000 after buying an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its holdings in shares of Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider's stock worth $474,150,000 after buying an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider's stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Finally, Darsana Capital Partners LP acquired a new position in Bank of America in the third quarter valued at about $177,970,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. Erste Group Bank raised Bank of America from a "hold" rating to a "buy" rating in a research note on Wednesday, April 3rd. Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the stock an "outperform" rating in a report on Thursday, April 4th. Piper Sandler boosted their price target on Bank of America from $35.00 to $37.00 and gave the stock an "underweight" rating in a report on Tuesday, June 4th. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the stock a "hold" rating in a research note on Monday, April 8th. Finally, Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $39.79.

Bank of America Stock Down 1.0 %

NYSE BAC traded down $0.38 on Wednesday, reaching $39.00. The company had a trading volume of 44,306,356 shares, compared to its average volume of 38,931,496. The stock has a market capitalization of $304.99 billion, a P/E ratio of 13.51, a P/E/G ratio of 1.50 and a beta of 1.36. The company's fifty day moving average is $38.71 and its 200 day moving average is $35.95. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Friday, June 7th. Bank of America's dividend payout ratio is presently 33.22%.

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.