Erste Asset Management GmbH Sells 26,000 Shares of Bank of America Co. (NYSE:BAC)

Erste Asset Management GmbH trimmed its position in Bank of America Co. (NYSE:BAC) by 4.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 573,078 shares of the financial services provider’s stock after selling 26,000 shares during the period. Erste Asset Management GmbH’s holdings in Bank of America were worth $25,187,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Amundi increased its position in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP increased its position in Bank of America by 31,021.6% in 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 buying an additional 10,175,100 shares in the last quarter. Swedbank AB increased its position in Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after buying an additional 5,733,810 shares in the last quarter. KBC Group NV increased its position in Bank of America by 130.9% in the 4th 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 in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in Bank of America by 193.4% during 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 purchasing an additional 5,015,378 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Truist Financial boosted their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Price Performance

Bank of America stock opened at $39.90 on Thursday. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s 50 day simple moving average is $45.36 and its 200 day simple moving average is $43.73. The company has a market cap of $303.40 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.70 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. Bank of America’s dividend payout ratio is currently 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.