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

Kimelman & Baird LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 802,810 shares of the financial services provider’s stock after selling 5,546 shares during the period. Bank of America comprises 2.8% of Kimelman & Baird LLC’s holdings, making the stock its 13th largest position. Kimelman & Baird LLC’s holdings in Bank of America were worth $35,284,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Amundi grew its holdings in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP grew its holdings in Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after buying an additional 10,175,100 shares in the last quarter. Swedbank AB grew its holdings in Bank of America by 81.4% during the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after buying an additional 5,733,810 shares in the last quarter. KBC Group NV grew its holdings in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after buying an additional 5,493,817 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Bank of America by 193.4% during the third 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 buying an additional 5,015,378 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BAC shares. Morgan Stanley upped their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI reduced their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Up 3.3 %

Shares of NYSE BAC opened at $40.97 on Monday. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The business has a 50-day simple moving average of $45.19 and a two-hundred day simple moving average of $43.76. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $311.45 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS. Research analysts anticipate that Bank of America Co. 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 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

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.