Toronto Dominion Bank Has $81.34 Million Stock Position in Bank of America Co. (NYSE:BAC)

Toronto Dominion Bank cut its holdings in Bank of America Co. (NYSE:BAC) by 41.9% during the 4th quarter, HoldingsChannel reports. The fund owned 1,850,805 shares of the financial services provider’s stock after selling 1,334,252 shares during the quarter. Toronto Dominion Bank’s holdings in Bank of America were worth $81,342,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Collier Financial bought a new position in shares of Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc increased its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC acquired a new position in Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 4th quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the fourth quarter worth about $31,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $44.66 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a fifty day moving average of $40.03 and a 200-day moving average of $43.55. The firm has a market capitalization of $336.38 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BAC shares. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Barclays cut their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a research report on Thursday. They issued a “buy” rating and a $53.00 price target for the company. Piper Sandler dropped their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Finally, Truist Financial reduced their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.50.

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.