Sherbrooke Park Advisers LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Sherbrooke Park Advisers LLC lowered its position in Bank of America Co. (NYSE:BAC) by 49.4% in the 4th quarter, HoldingsChannel reports. The fund owned 13,299 shares of the financial services provider’s stock after selling 13,004 shares during the period. Sherbrooke Park Advisers LLC’s holdings in Bank of America were worth $584,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in BAC. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new position in Bank of America during the 4th quarter valued at about $60,679,000. Arizona State Retirement System grew its holdings in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares in the last quarter. Keybank National Association OH grew its holdings in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Bank of America by 0.7% during the 4th 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 buying an additional 297,858 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.6%

Shares of BAC opened at $44.66 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a 50 day simple moving average of $40.03 and a two-hundred day simple moving average of $43.54. The firm has a market cap of $336.38 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.33%. Bank of America’s payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Truist Financial cut their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. UBS Group boosted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Cfra Research boosted their price objective on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.