Bessemer Securities LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

Bessemer Securities LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 41.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,318 shares of the financial services provider’s stock after selling 52,400 shares during the quarter. Bank of America makes up 1.4% of Bessemer Securities LLC’s holdings, making the stock its 10th biggest holding. Bessemer Securities LLC’s holdings in Bank of America were worth $2,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Roundview Capital LLC increased its position in shares of Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares during the period. Loomis Sayles & Co. L P grew its holdings in Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,192 shares during the period. NewEdge Advisors LLC raised its position in shares of Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after acquiring an additional 16,319 shares in the last quarter. First Western Trust Bank bought a new stake in shares of Bank of America during the 1st quarter valued at about $586,000. Finally, Pearl River Capital LLC acquired a new stake in Bank of America during the first quarter worth approximately $534,000. 68.06% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Bank of America stock traded down $0.11 during mid-day trading on Monday, reaching $29.87. 3,608,704 shares of the company’s stock were exchanged, compared to its average volume of 48,786,199. The firm has a market capitalization of $236.38 billion, a PE ratio of 8.40, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. The business’s fifty day simple moving average is $27.42 and its 200 day simple moving average is $28.59. Bank of America Co. has a one year low of $24.96 and a one year high of $37.87.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. The company had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $25.13 billion. During the same period in the previous year, the firm earned $0.81 EPS. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.46 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.21%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 26.89%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BAC. BMO Capital Markets increased their price target on Bank of America from $39.00 to $40.00 and gave the stock a “market perform” rating in a report on Wednesday, October 18th. Oppenheimer increased their price objective on shares of Bank of America from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday. Wells Fargo & Company decreased their target price on Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, August 23rd. Piper Sandler reduced their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday, September 15th. Finally, HSBC assumed coverage on Bank of America in a report on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Hold” and an average target price of $35.54.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.