Allianz SE Invests $14.28 Million in Bank of America Co. (NYSE:BAC)

Allianz SE acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 325,244 shares of the financial services provider's stock, valued at approximately $14,282,000.

A number of other hedge funds have also added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA grew its holdings in Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co grew its stake in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC raised its position in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares during the period. Marino Stram & Associates LLC lifted its holdings in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after purchasing an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management grew its position in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 223 shares during the period. 70.71% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Evercore ISI lowered their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday. UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and lifted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Piper Sandler lowered their price target on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research report on Friday, January 17th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $48.31.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.24 during midday trading on Tuesday, hitting $41.49. 11,113,232 shares of the company's stock were exchanged, compared to its average volume of 37,153,903. The business's fifty day moving average price is $44.35 and its two-hundred day moving average price is $43.95. The company has a market cap of $315.46 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. 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 - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. During the same quarter last year, the company posted $0.70 EPS. The business's quarterly revenue was up 15.0% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America's dividend payout ratio (DPR) is 32.30%.

Bank of America Profile

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.