Williams Jones Wealth Management LLC. Sells 10,703 Shares of Bank of America Co. (NYSE:BAC)

Williams Jones Wealth Management LLC. trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 11.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,831 shares of the financial services provider’s stock after selling 10,703 shares during the period. Williams Jones Wealth Management LLC.’s holdings in Bank of America were worth $3,596,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter valued at about $5,226,989,000. Capital World Investors boosted its stake in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Amundi grew 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 buying an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

BAC stock opened at $44.62 on Wednesday. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The firm has a market cap of $336.07 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.21 and a beta of 1.27. The business’s fifty day simple moving average is $40.23 and its two-hundred day simple moving average is $43.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Cfra Research increased their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Piper Sandler decreased their target price on shares of 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. Finally, Oppenheimer increased their price target on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $47.50.

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.