Kimelman & Baird LLC Sells 5,546 Shares of Bank of America Co. (NYSE:BAC)

Kimelman & Baird LLC cut its position in Bank of America Co. (NYSE:BAC) by 0.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 802,810 shares of the financial services provider’s stock after selling 5,546 shares during the quarter. Bank of America comprises about 2.8% of Kimelman & Baird LLC’s portfolio, making the stock its 13th biggest holding. Kimelman & Baird LLC’s holdings in Bank of America were worth $35,284,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Amundi lifted its holdings in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares during the period. Swedbank AB lifted its holdings in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares during the period. KBC Group NV lifted its holdings in shares of Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 3.3 %

Shares of BAC stock opened at $40.97 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $311.45 billion, a P/E ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. The stock has a 50 day simple moving average of $45.19 and a two-hundred day simple moving average of $43.76. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.64.

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.