OLD Point Trust & Financial Services N A Lowers Holdings in Bank of America Co. (NYSE:BAC)

OLD Point Trust & Financial Services N A reduced its position in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,998 shares of the financial services provider’s stock after selling 1,217 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Bank of America were worth $923,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Bank of America during the fourth quarter worth about $60,679,000. Arizona State Retirement System increased its position in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH raised its stake in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.4 %

NYSE BAC opened at $42.24 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The stock has a market cap of $321.10 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock has a 50 day simple moving average of $44.94 and a two-hundred day simple moving average of $43.77.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared 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 yield of 2.46%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Ratings Changes

A number of equities analysts have recently commented on BAC shares. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Barclays increased their target price 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. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.64.

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.