Grantham Mayo Van Otterloo & Co. LLC Has $67.33 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Grantham Mayo Van Otterloo & Co. LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 25.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,532,028 shares of the financial services provider’s stock after selling 515,194 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Bank of America were worth $67,333,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BAC. Principal Financial Group Inc. raised its holdings in 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 period. Janus Henderson Group PLC raised its position in shares of Bank of America by 0.8% in the third quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider’s stock valued at $43,268,000 after buying an additional 9,137 shares in the last quarter. Morse Asset Management Inc bought a new stake in shares of Bank of America in the third quarter valued at approximately $306,000. Two Sigma Advisers LP lifted its position in Bank of America by 31,021.6% during the third 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 during the period. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth approximately $101,507,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $34.37 on Friday. The company has a market capitalization of $261.32 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company’s 50-day moving average is $43.74 and its 200 day moving average is $43.88. 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 $33.67 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates 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 company 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 firm posted $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts forecast 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 was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

Several brokerages have commented on BAC. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday. Barclays upped their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler reduced their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

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.