Loomis Sayles & Co. L P Cuts Holdings in Bank of America Co. (NYSE:BAC)

Loomis Sayles & Co. L P reduced its position in shares of Bank of America Co. (NYSE:BAC) by 54.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,685 shares of the financial services provider’s stock after selling 3,237 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Bank of America were worth $118,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc grew its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the fourth quarter worth $29,000. Finally, Highline Wealth Partners LLC lifted its holdings in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Piper Sandler reduced their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Citigroup decreased their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Trading Down 3.1 %

NYSE BAC opened at $41.24 on Monday. The firm’s 50-day moving average is $44.45 and its two-hundred day moving average is $43.93. The stock has a market capitalization of $313.50 billion, a P/E ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. 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 posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 company’s quarterly 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 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.