Bank of America Co. (NYSE:BAC) Shares Sold by Tilt Investment Management Holdings PBC

Tilt Investment Management Holdings PBC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 23.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,103 shares of the financial services provider’s stock after selling 8,415 shares during the period. Bank of America comprises approximately 1.0% of Tilt Investment Management Holdings PBC’s holdings, making the stock its 19th largest holding. Tilt Investment Management Holdings PBC’s holdings in Bank of America were worth $946,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Moneta Group Investment Advisors LLC raised its position in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares in the last quarter. Norges Bank acquired a new stake in Bank of America in the fourth quarter worth $3,436,543,000. Northern Trust Corp increased its position in Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after buying an additional 1,397,469 shares during the period. Barclays PLC increased its position in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Bank of America by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after buying an additional 746,756 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.5 %

NYSE:BAC traded up $0.53 during mid-day trading on Thursday, reaching $35.76. The stock had a trading volume of 26,321,461 shares, compared to its average volume of 41,327,895. The business’s 50 day moving average is $35.55 and its 200 day moving average is $32.21. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35. The stock has a market cap of $282.17 billion, a P/E ratio of 12.37, a PEG ratio of 1.58 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. Bank of America’s dividend payout ratio is 33.22%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BAC. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research report on Tuesday, January 16th. Keefe, Bruyette & Woods raised their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Oppenheimer cut their price target on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.29.

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.