Morningstar Investment Management LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Morningstar Investment Management LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 67.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 18,835 shares of the financial services provider’s stock after selling 38,680 shares during the quarter. Morningstar Investment Management LLC’s holdings in Bank of America were worth $828,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Two Sigma Advisers LP boosted its stake in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB lifted its holdings in shares of Bank of America by 81.4% during the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after purchasing an additional 5,733,810 shares in the last quarter. KBC Group NV boosted its position in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after buying an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after buying an additional 5,015,378 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” 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. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Finally, Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

NYSE:BAC opened at $46.03 on Thursday. The business’s 50-day simple moving average is $45.79 and its two-hundred day simple moving average is $43.25. Bank of America Co. has a 52 week low of $33.17 and a 52 week high of $48.08. The stock has a market cap of $353.14 billion, a PE ratio of 14.29, a P/E/G ratio of 1.26 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the company earned $0.70 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.26%. 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.