Barrow Hanley Mewhinney & Strauss LLC Trims Holdings in Bank of America (BAC)

Barrow Hanley Mewhinney & Strauss LLC lessened its holdings in shares of Bank of America (NYSE:BAC) by 6.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 57,229,013 shares of the financial services provider’s stock after selling 3,762,369 shares during the quarter. Bank of America comprises approximately 2.5% of Barrow Hanley Mewhinney & Strauss LLC’s holdings, making the stock its 3rd largest position. Barrow Hanley Mewhinney & Strauss LLC owned approximately 0.56% of Bank of America worth $1,689,400,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. 1ST Source Bank boosted its position in Bank of America by 4.8% during the 3rd quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after acquiring an additional 3,690 shares during the period. Teacher Retirement System of Texas boosted its position in Bank of America by 1.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock worth $172,469,000 after acquiring an additional 128,510 shares during the period. Personal Capital Advisors Corp acquired a new position in Bank of America during the 3rd quarter worth $311,000. Bronfman E.L. Rothschild L.P. boosted its position in Bank of America by 7.5% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock worth $1,639,000 after acquiring an additional 4,537 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Bank of America by 75.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,401,094 shares of the financial services provider’s stock worth $35,504,000 after acquiring an additional 601,675 shares during the period. Institutional investors own 69.84% of the company’s stock.

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Shares of BAC stock opened at $29.63 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $33.05. The stock has a market capitalization of $306,081.47, a price-to-earnings ratio of 16.19, a PEG ratio of 1.51 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same period in the prior year, the firm posted $0.40 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. equities research analysts expect that Bank of America will post 2.48 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.62%. The ex-dividend date was Thursday, March 1st. Bank of America’s payout ratio is currently 26.23%.

Several brokerages have recently weighed in on BAC. BMO Capital Markets upped their price objective on Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine lowered Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $35.00 price objective on shares of Bank of America in a report on Thursday. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective for the company. in a report on Wednesday, January 10th. Finally, Vining Sparks restated a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a report on Wednesday, January 17th. Nine research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $30.97.

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Bank of America Profile

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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