Pzena Investment Management LLC Sells 2,870,579 Shares of Bank of America Co. (NYSE:BAC)

Pzena Investment Management LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,612,322 shares of the financial services provider's stock after selling 2,870,579 shares during the period. Bank of America makes up 2.5% of Pzena Investment Management LLC's investment portfolio, making the stock its 16th largest holding. Pzena Investment Management LLC owned approximately 0.22% of Bank of America worth $730,112,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. Collier Financial purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc lifted its position in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new position in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC lifted its position in Bank of America by 152.7% during 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 period. Finally, Retirement Wealth Solutions LLC purchased a new position in Bank of America during the 4th quarter valued at about $42,000. Institutional investors own 70.71% of the company's stock.

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Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 3rd. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. Finally, UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.64.

Bank of America Price Performance

Shares of BAC stock traded down $0.21 during mid-day trading on Tuesday, hitting $39.62. The company had a trading volume of 50,561,860 shares, compared to its average volume of 36,019,015. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The stock's 50 day moving average price is $45.44 and its 200-day moving average price is $43.76. 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 capitalization of $301.29 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Equities research analysts forecast 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 will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's payout ratio is 32.30%.

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.