Bank of America Corporation $BAC Shares Sold by Lazard Freres Gestion S.A.S.

Lazard Freres Gestion S.A.S. reduced its holdings in Bank of America Corporation (NYSE:BAC) by 57.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,137 shares of the financial services provider’s stock after selling 38,215 shares during the period. Lazard Freres Gestion S.A.S.’s holdings in Bank of America were worth $1,451,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Albion Financial Group UT grew its position in Bank of America by 1.6% during the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock worth $672,000 after purchasing an additional 205 shares during the period. Motive Wealth Advisors raised its position in Bank of America by 3.6% during the third quarter. Motive Wealth Advisors now owns 5,910 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 205 shares in the last quarter. Wynn Capital LLC lifted its holdings in Bank of America by 0.4% in the third quarter. Wynn Capital LLC now owns 47,063 shares of the financial services provider’s stock valued at $2,428,000 after acquiring an additional 207 shares during the period. Accelerate Investment Advisors LLC boosted its position in Bank of America by 4.7% in the 3rd quarter. Accelerate Investment Advisors LLC now owns 4,637 shares of the financial services provider’s stock worth $239,000 after purchasing an additional 207 shares in the last quarter. Finally, Norris Perne & French LLP MI grew its stake in shares of Bank of America by 4.2% during the 3rd quarter. Norris Perne & French LLP MI now owns 5,278 shares of the financial services provider’s stock worth $272,000 after purchasing an additional 211 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Evercore ISI increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Seaport Global Securities raised their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Citigroup lifted their price target on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Morgan Stanley lowered their price target on Bank of America from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Finally, Piper Sandler boosted their price objective on Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.59.

Bank of America Price Performance

NYSE:BAC opened at $54.98 on Friday. The stock has a 50 day moving average of $53.73 and a two-hundred day moving average of $50.51. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $56.54. The firm has a market cap of $401.49 billion, a P/E ratio of 14.98 and a beta of 1.29. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is presently 30.52%.

About Bank of America

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.