Cerity Partners LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Cerity Partners LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 5.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,766,900 shares of the financial services provider’s stock after selling 168,313 shares during the quarter. Cerity Partners LLC’s holdings in Bank of America were worth $119,053,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in Bank of America in the 4th quarter worth $5,226,989,000. Amundi boosted its holdings in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Swedbank AB boosted its position 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 valued at $561,513,000 after buying an additional 5,733,810 shares during the period. KBC Group NV grew its position in shares of Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after buying an additional 5,493,817 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $186,916,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BAC. Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Truist Financial lowered their target price on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a research note on Friday. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Stock Down 7.7 %

Shares of BAC opened at $34.37 on Monday. The stock’s 50-day moving average price is $43.74 and its 200-day moving average price is $43.94. 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 market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $32.70 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.70 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.