Boston Partners Sells 68,268 Shares of Bank of America Co. (NYSE:BAC)

Boston Partners trimmed its holdings in Bank of America Co. (NYSE:BAC) by 1.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,679,326 shares of the financial services provider’s stock after selling 68,268 shares during the quarter. Boston Partners owned about 0.06% of Bank of America worth $205,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the 4th quarter worth about $60,679,000. Arizona State Retirement System increased its stake in shares of Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH increased its stake in shares of Bank of America by 1.1% in 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 acquiring an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake 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 acquiring an additional 297,858 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on BAC shares. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Barclays increased 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 report on Monday, January 6th. Piper Sandler cut their price objective on shares of 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. Evercore ISI cut 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 report on Friday, January 17th. Finally, Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Price Performance

Shares of NYSE:BAC opened at $41.61 on Wednesday. The firm’s 50 day moving average price is $45.02 and its 200-day moving average price is $43.78. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $316.37 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.7 EPS 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. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 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.