LSV Asset Management Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

LSV Asset Management lowered its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,395,160 shares of the financial services provider’s stock after selling 56,600 shares during the period. LSV Asset Management’s holdings in Bank of America were worth $147,985,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of BAC. Barclays PLC boosted its holdings in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd raised its stake in shares of Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. Darsana Capital Partners LP acquired a new stake in shares of Bank of America in the third quarter valued at $177,970,000. Canada Pension Plan Investment Board grew its position in Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after acquiring an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $168,610,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC traded up $0.37 during mid-day trading on Friday, hitting $37.25. 34,082,662 shares of the stock were exchanged, compared to its average volume of 41,339,492. The firm’s 50-day simple moving average is $36.46 and its 200 day simple moving average is $33.08. The stock has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.37. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the firm posted $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Citigroup boosted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, HSBC reissued a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus price target of $38.70.

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.