Pzena Investment Management LLC Reduces Stake in Bank of America Corporation (NYSE:BAC)

Pzena Investment Management LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 61.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,352,945 shares of the financial services provider’s stock after selling 10,259,377 shares during the quarter. Pzena Investment Management LLC owned about 0.08% of Bank of America worth $265,108,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Gradient Investments LLC grew its position in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after purchasing an additional 50,296 shares during the period. Prudential Financial Inc. grew its holdings in Bank of America by 13.7% in the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider’s stock worth $274,767,000 after buying an additional 753,880 shares in the last quarter. Employees Retirement System of Texas lifted its position in Bank of America by 12.7% in the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock worth $69,640,000 after purchasing an additional 17,880 shares during the period. Prosperity Wealth Management Inc. acquired a new stake in shares of Bank of America during the 1st quarter valued at $998,000. Finally, Alpha Cubed Investments LLC increased its stake in shares of Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 17,619 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.3%

NYSE:BAC opened at $46.00 on Thursday. The firm has a 50-day simple moving average of $45.32 and a two-hundred day simple moving average of $43.60. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The firm has a market cap of $346.49 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.26 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the business posted $0.83 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BAC shares. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Morgan Stanley increased their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Cfra Research raised their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Truist Financial lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $49.55.

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.