Banco BTG Pactual S.A. Purchases Shares of 40,073 Bank of America Co. (NYSE:BAC)

Banco BTG Pactual S.A. purchased a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 40,073 shares of the financial services provider's stock, valued at approximately $1,775,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Core Wealth Partners LLC raised its holdings in Bank of America by 10.4% in the fourth quarter. Core Wealth Partners LLC now owns 8,818 shares of the financial services provider's stock valued at $388,000 after acquiring an additional 829 shares in the last quarter. Ausdal Financial Partners Inc. grew its holdings in Bank of America by 55.8% during the 4th quarter. Ausdal Financial Partners Inc. now owns 20,521 shares of the financial services provider's stock worth $902,000 after acquiring an additional 7,346 shares in the last quarter. Financial Engines Advisors L.L.C. increased its position in shares of Bank of America by 363.7% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 24,224 shares of the financial services provider's stock valued at $1,065,000 after purchasing an additional 19,000 shares during the last quarter. BG Investment Services Inc. acquired a new position in shares of Bank of America during the fourth quarter worth $380,000. Finally, Florida Financial Advisors LLC lifted its holdings in Bank of America by 13.1% during the 4th quarter. Florida Financial Advisors LLC now owns 17,649 shares of the financial services provider's stock worth $776,000 after buying an additional 2,040 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

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Bank of America Price Performance

Shares of BAC stock traded down $1.33 during trading hours on Friday, hitting $41.24. The company's stock had a trading volume of 34,246,524 shares, compared to its average volume of 37,258,257. 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 twelve month low of $34.15 and a twelve month high of $48.08. The stock has a market cap of $313.50 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. The business has a fifty day moving average of $44.45 and a 200-day moving average of $43.89.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the business posted $0.70 earnings per share. Bank of America's revenue was up 15.0% compared to the same quarter last year. As a group, equities research 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 announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. Bank of America's dividend payout ratio (DPR) is 32.30%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BAC shares. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Citigroup cut their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Finally, Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.45.

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.