Kornitzer Capital Management Inc. KS cut its holdings in shares of Bank of America Co. (NYSE:BAC – Free Report) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,673 shares of the financial services provider’s stock after selling 637 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Bank of America were worth $3,897,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in BAC. Two Sigma Advisers LP increased its holdings in shares of Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the period. Swedbank AB increased its stake in Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. KBC Group NV increased its stake in Bank of America by 130.9% in 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 acquiring an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after acquiring an additional 5,015,378 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. 70.71% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the stock. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Barclays lifted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Truist Financial raised 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 report on Friday, January 17th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.
Bank of America Price Performance
Shares of NYSE:BAC opened at $46.46 on Wednesday. The firm has a market cap of $356.51 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The firm’s fifty day moving average is $45.79 and its 200-day moving average is $43.23. 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 $33.17 and a 52 week high of $48.08.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $25.30 billion for 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%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.69 earnings per share for the current year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 yield of 2.24%. Bank of America’s payout ratio is 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.
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