Bank of America Co. (NYSE:BAC) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 20.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 4,875,181 shares of the financial services provider’s stock after selling 1,255,677 shares during the quarter. AQR Capital Management LLC’s holdings in Bank of America were worth $214,264,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in shares of Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Morse Asset Management Inc purchased a new position in shares of Bank of America in the 3rd quarter valued at about $306,000. SkyView Investment Advisors LLC increased its holdings in shares of Bank of America by 4.3% in the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock valued at $619,000 after acquiring an additional 645 shares during the last quarter. Tudor Financial Inc. purchased a new position in shares of Bank of America in the 3rd quarter valued at about $645,000. Finally, Eaton Financial Holdings Company LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at about $488,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $39.78 on Tuesday. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The stock has a market capitalization of $302.44 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.21 and a beta of 1.24. The firm’s 50-day moving average is $40.36 and its two-hundred day moving average is $43.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.61%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Morgan Stanley raised their price target 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

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.