MetLife Investment Management LLC Cuts Position in Bank of America Co. (NYSE:BAC)

MetLife Investment Management LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 2.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,760,447 shares of the financial services provider’s stock after selling 41,751 shares during the period. MetLife Investment Management LLC’s holdings in Bank of America were worth $50,507,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Old North State Trust LLC increased its position in shares of Bank of America by 1.8% during the first quarter. Old North State Trust LLC now owns 23,584 shares of the financial services provider’s stock worth $675,000 after acquiring an additional 420 shares during the period. Arkfeld Wealth Strategies L.L.C. raised its holdings in Bank of America by 1.8% during the second quarter. Arkfeld Wealth Strategies L.L.C. now owns 25,847 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 446 shares in the last quarter. Parnassus Investments LLC increased its holdings in Bank of America by 9.5% in the second quarter. Parnassus Investments LLC now owns 37,656,022 shares of the financial services provider’s stock valued at $1,080,351,000 after buying an additional 3,278,515 shares in the last quarter. Skylands Capital LLC increased its holdings in Bank of America by 6.3% in the second quarter. Skylands Capital LLC now owns 147,450 shares of the financial services provider’s stock valued at $4,230,000 after buying an additional 8,800 shares in the last quarter. Finally, Lavaca Capital LLC grew its position in shares of Bank of America by 7.3% in the first quarter. Lavaca Capital LLC now owns 12,216 shares of the financial services provider’s stock valued at $373,000 after purchasing an additional 828 shares during the last quarter. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE:BAC traded down $0.04 during midday trading on Monday, reaching $29.94. The stock had a trading volume of 11,465,794 shares, compared to its average volume of 48,821,117. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.82. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $37.87. The firm’s fifty day simple moving average is $27.42 and its 200-day simple moving average is $28.59. The stock has a market capitalization of $236.94 billion, a P/E ratio of 8.40, a PEG ratio of 1.22 and a beta of 1.38.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. The firm had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $25.13 billion. During the same period in the prior year, the firm earned $0.81 EPS. The business’s revenue was up 2.8% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 26.89%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Piper Sandler lowered their price target on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a research report on Friday, September 15th. Morgan Stanley reduced their target price on shares of Bank of America from $34.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 3rd. HSBC assumed coverage on shares of Bank of America in a report on Thursday, September 7th. They set a “buy” rating and a $35.00 target price on the stock. StockNews.com started coverage on shares of Bank of America in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, BMO Capital Markets upped their target price on shares of Bank of America from $39.00 to $40.00 and gave the company a “market perform” rating in a research note on Wednesday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.54.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.