Bank of America Co. (NYSE:BAC) Shares Sold by Nan Shan Life Insurance Co. Ltd.

Nan Shan Life Insurance Co. Ltd. cut its stake in shares of Bank of America Co. (NYSE:BAC) by 22.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 932,522 shares of the financial services provider’s stock after selling 275,527 shares during the period. Nan Shan Life Insurance Co. Ltd.’s holdings in Bank of America were worth $40,984,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the fourth quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America during the 4th quarter worth $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $44.28 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a market cap of $333.51 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The stock has a 50 day simple moving average of $39.77 and a 200-day simple moving average of $43.51.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BAC shares. Piper Sandler reduced their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Truist Financial dropped their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.25.

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.