Rhumbline Advisers Sells 385,489 Shares of Bank of America Co. (NYSE:BAC)

Rhumbline Advisers lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 12,373,991 shares of the financial services provider’s stock after selling 385,489 shares during the period. Bank of America comprises about 0.5% of Rhumbline Advisers’ investment portfolio, making the stock its 24th biggest position. Rhumbline Advisers owned 0.16% of Bank of America worth $543,837,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Swedbank AB grew its holdings in Bank of America by 0.7% in 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 during the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Bank of America by 33.3% during the third quarter. Vontobel Holding Ltd. now owns 207,961 shares of the financial services provider’s stock worth $8,252,000 after purchasing an additional 51,903 shares during the period. Twelve Points Wealth Management LLC grew its stake in shares of Bank of America by 4.4% in the third quarter. Twelve Points Wealth Management LLC now owns 8,808 shares of the financial services provider’s stock worth $350,000 after purchasing an additional 369 shares during the last quarter. B.O.S.S. Retirement Advisors LLC raised its position in Bank of America by 13.6% during the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 13,628 shares of the financial services provider’s stock valued at $541,000 after purchasing an additional 1,631 shares during the last quarter. Finally, Hengehold Capital Management LLC lifted its holdings in Bank of America by 24.8% in the 3rd quarter. Hengehold Capital Management LLC now owns 7,813 shares of the financial services provider’s stock worth $310,000 after buying an additional 1,555 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.98 on Friday. The firm has a market cap of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a twelve month low of $32.49 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 company has a 50 day moving average of $45.75 and a 200 day moving average of $43.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BAC shares. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. 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. Finally, Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Company 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.