LS Investment Advisors LLC Trims Position in Bank of America Corporation $BAC

LS Investment Advisors LLC trimmed its position in Bank of America Corporation (NYSE:BAC) by 3.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 262,705 shares of the financial services provider’s stock after selling 10,646 shares during the quarter. Bank of America makes up approximately 1.9% of LS Investment Advisors LLC’s portfolio, making the stock its 17th biggest holding. LS Investment Advisors LLC’s holdings in Bank of America were worth $13,553,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Bank of America during the 2nd quarter valued at $5,091,641,000. Arrowstreet Capital Limited Partnership boosted its stake in Bank of America by 124.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after buying an additional 9,782,208 shares during the period. ABN AMRO Bank N.V. bought a new stake in Bank of America during the second quarter valued at $202,439,000. OMERS ADMINISTRATION Corp raised its holdings in shares of Bank of America by 881.5% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock valued at $199,236,000 after acquiring an additional 3,781,417 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America in the second quarter worth approximately $164,623,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BAC shares. Truist Financial lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Evercore ISI raised their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Citigroup lifted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Finally, Dbs Bank raised Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.59.

Bank of America Stock Up 1.7%

Shares of NYSE:BAC opened at $55.94 on Monday. The stock has a market capitalization of $408.49 billion, a P/E ratio of 15.24 and a beta of 1.29. The stock’s 50-day moving average price is $53.80 and its 200-day moving average price is $50.68. 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 Corporation has a 12-month low of $33.06 and a 12-month high of $56.54.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating 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 company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the business posted $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

Bank of America Profile

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.