Bank of America Corporation $BAC Shares Sold by Sound Shore Management Inc CT

Sound Shore Management Inc CT lessened its holdings in Bank of America Corporation (NYSE:BAC) by 10.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,879,690 shares of the financial services provider’s stock after selling 220,381 shares during the quarter. Bank of America makes up approximately 3.2% of Sound Shore Management Inc CT’s investment portfolio, making the stock its 5th largest position. Sound Shore Management Inc CT’s holdings in Bank of America were worth $96,973,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Bank of America by 0.3% during the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after purchasing an additional 403,652 shares during the period. Norges Bank bought a new position in shares of Bank of America during the second quarter worth about $5,091,641,000. Fisher Asset Management LLC raised its position in shares of Bank of America by 5.2% during the second quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after acquiring an additional 2,557,943 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Bank of America by 124.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after acquiring an additional 9,782,208 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Bank of America by 5.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 17,438,466 shares of the financial services provider’s stock valued at $899,650,000 after acquiring an additional 875,514 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 2.7%

Shares of Bank of America stock opened at $53.88 on Thursday. The stock has a market capitalization of $393.46 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.35 and a beta of 1.29. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $57.55. The stock has a 50 day moving average price of $54.49 and a two-hundred day moving average price of $51.98. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. Bank of America’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is 29.24%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Piper Sandler raised their price target on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, January 15th. Argus upped their price target on shares of Bank of America from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Royal Bank Of Canada increased their price target on Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Barclays boosted their price objective on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, January 27th. Twenty-two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $60.30.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.