Bank of America Co. (NYSE:BAC) Shares Sold by Busey Bank

Busey Bank reduced its position in shares of Bank of America Co. (NYSE:BAC) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,692 shares of the financial services provider’s stock after selling 3,106 shares during the period. Busey Bank’s holdings in Bank of America were worth $1,788,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Two Sigma Advisers LP increased its stake 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 worth $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. Swedbank AB increased its stake 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 worth $561,513,000 after purchasing an additional 5,733,810 shares in the last quarter. KBC Group NV increased its stake 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 worth $425,976,000 after purchasing an additional 5,493,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Bank of America by 193.4% in 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. Finally, International Assets Investment Management LLC increased its stake in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.2 %

BAC opened at $46.74 on Thursday. The business has a 50 day moving average of $45.83 and a 200-day moving average of $42.70. 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 stock has a market capitalization of $358.59 billion, a price-to-earnings ratio of 14.51, a P/E/G ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.67 earnings per share 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. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BAC shares. Morgan Stanley lifted 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. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.