Pictet Asset Management Holding SA trimmed its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 7.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,093,153 shares of the financial services provider's stock after selling 266,217 shares during the period. Pictet Asset Management Holding SA's holdings in Bank of America were worth $135,944,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the company. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $25,000. Collier Financial purchased a new stake in Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Finally, Mascoma Wealth Management LLC boosted its holdings in Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 361 shares during the period. Institutional investors own 70.71% of the company's stock.
Analyst Upgrades and Downgrades
BAC has been the subject of several recent research reports. Truist Financial boosted their price objective on Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Finally, Evercore ISI lowered their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $48.31.
Get Our Latest Stock Report on Bank of America
Bank of America Stock Performance
BAC stock traded down $0.26 during trading on Tuesday, reaching $41.47. The stock had a trading volume of 8,267,949 shares, compared to its average volume of 37,144,142. The stock's 50 day moving average is $44.35 and its two-hundred day moving average is $43.95. 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 firm has a market cap of $315.27 billion, a PE ratio of 12.87, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business's quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.
Bank of America Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.51%. Bank of America's dividend payout ratio is presently 32.30%.
About Bank of America
(
Free Report)
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.
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