Rockefeller Capital Management L.P. Sells 317,706 Shares of Bank of America Co. (NYSE:BAC)

Rockefeller Capital Management L.P. reduced its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 20.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,212,123 shares of the financial services provider's stock after selling 317,706 shares during the quarter. Rockefeller Capital Management L.P.'s holdings in Bank of America were worth $53,254,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Collier Financial acquired a new stake in Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America in the fourth quarter valued at $29,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after buying an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and upped their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Evercore ISI decreased their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Truist Financial dropped their target price on shares of Bank of America from $53.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $48.31.

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Bank of America Price Performance

BAC traded up $1.36 on Tuesday, hitting $38.03. 84,614,170 shares of the stock were exchanged, compared to its average volume of 39,392,722. The firm has a market capitalization of $289.16 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The business has a 50-day moving average of $42.04 and a two-hundred day moving average of $43.70.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.73%. Bank of America's dividend payout ratio (DPR) is currently 32.30%.

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.