Treasurer of the State of North Carolina Sells 331,049 Shares of Bank of America Co. (NYSE:BAC)

Treasurer of the State of North Carolina lessened its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 9.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,011,171 shares of the financial services provider's stock after selling 331,049 shares during the quarter. Bank of America accounts for approximately 0.5% of Treasurer of the State of North Carolina's portfolio, making the stock its 26th largest position. Treasurer of the State of North Carolina's holdings in Bank of America were worth $132,341,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Legacy Financial Advisors Inc. increased its position in shares of Bank of America by 4.7% during the fourth quarter. Legacy Financial Advisors Inc. now owns 39,285 shares of the financial services provider's stock worth $1,727,000 after acquiring an additional 1,765 shares in the last quarter. Redwood Park Advisors LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $116,000. Phoenix Financial Ltd. raised its stake in shares of Bank of America by 10.4% during the 4th quarter. Phoenix Financial Ltd. now owns 453,042 shares of the financial services provider's stock worth $19,911,000 after purchasing an additional 42,734 shares during the period. F M Investments LLC grew its position in Bank of America by 45.4% during the fourth quarter. F M Investments LLC now owns 108,153 shares of the financial services provider's stock valued at $4,753,000 after buying an additional 33,787 shares during the period. Finally, DRW Securities LLC increased its holdings in Bank of America by 46.5% during the fourth quarter. DRW Securities LLC now owns 200,073 shares of the financial services provider's stock worth $8,792,000 after buying an additional 63,511 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research report on Friday, January 17th. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Finally, UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and increased their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.31.

Bank of America Price Performance

BAC traded up $0.67 on Monday, reaching $36.62. The company had a trading volume of 22,666,397 shares, compared to its average volume of 39,140,153. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market cap of $278.41 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 1.21 and a beta of 1.24. The business has a 50 day simple moving average of $42.25 and a 200 day simple moving average of $43.72.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.84%. Bank of America's 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.