Amalgamated Bank Decreases Stake in Bank of America Co. (NYSE:BAC)

Amalgamated Bank lowered its position in shares of Bank of America Co. (NYSE:BAC) by 3.7% in the fourth quarter, Holdings Channel reports. The firm owned 1,279,281 shares of the financial services provider’s stock after selling 49,274 shares during the period. Bank of America makes up about 0.5% of Amalgamated Bank’s investment portfolio, making the stock its 25th biggest position. Amalgamated Bank’s holdings in Bank of America were worth $56,224,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Swedbank AB lifted its position in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares in the last quarter. First Financial Bankshares Inc raised its position in shares of Bank of America by 0.7% in the 3rd quarter. First Financial Bankshares Inc now owns 1,205,017 shares of the financial services provider’s stock valued at $47,815,000 after purchasing an additional 8,734 shares in the last quarter. Cavalier Investments LLC raised its position in shares of Bank of America by 6.4% in the 3rd quarter. Cavalier Investments LLC now owns 17,319 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 1,035 shares in the last quarter. First American Bank raised its position in shares of Bank of America by 1.2% in the 3rd quarter. First American Bank now owns 199,190 shares of the financial services provider’s stock valued at $7,904,000 after purchasing an additional 2,366 shares in the last quarter. Finally, Leuthold Group LLC raised its position in shares of Bank of America by 16.4% in the 3rd quarter. Leuthold Group LLC now owns 175,850 shares of the financial services provider’s stock valued at $6,978,000 after purchasing an additional 24,804 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.7 %

NYSE:BAC opened at $44.48 on Tuesday. Bank of America Co. has a 1 year low of $33.53 and a 1 year high of $48.08. The stock has a market cap of $341.25 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.21 and a beta of 1.33. The business has a fifty day moving average of $45.73 and a 200-day moving average of $43.46. 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 (NYSE:BAC) last released its quarterly 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 analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. Equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BAC shares. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Truist Financial upped their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.