Brandywine Global Investment Management LLC Sells 47,767 Shares of Bank of America Co. (NYSE:BAC)

Brandywine Global Investment Management LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,701,458 shares of the financial services provider’s stock after selling 47,767 shares during the quarter. Bank of America accounts for approximately 2.1% of Brandywine Global Investment Management LLC’s portfolio, making the stock its 2nd biggest position. Brandywine Global Investment Management LLC’s holdings in Bank of America were worth $294,529,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new position in Bank of America in the fourth quarter worth about $60,679,000. Arizona State Retirement System grew its holdings in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH raised its position in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC opened at $41.24 on Friday. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The stock’s 50-day moving average price is $44.45 and its two-hundred day moving average price is $43.89. The company has a market cap of $313.50 billion, a PE ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm 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. This represents a $1.04 annualized dividend and a yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Citigroup dropped their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.45.

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.