TD Asset Management Inc. Sells 113,237 Shares of Bank of America Co. (NYSE:BAC)

TD Asset Management Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 3.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,890,548 shares of the financial services provider’s stock after selling 113,237 shares during the period. TD Asset Management Inc.’s holdings in Bank of America were worth $127,040,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Bank of America by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after acquiring an additional 2,806,927 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after acquiring an additional 1,671,610 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. Finally, Amundi lifted its stake in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.6 %

Shares of BAC opened at $43.31 on Wednesday. The firm has a fifty day moving average price of $44.72 and a 200-day moving average price of $43.87. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $329.28 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup reduced their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Piper Sandler reduced their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Finally, Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.45.

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.