Adams Diversified Equity Fund Inc. Acquires 97,500 Shares of Bank of America Co. (NYSE:BAC)

Adams Diversified Equity Fund Inc. boosted its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 13.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 848,268 shares of the financial services provider's stock after acquiring an additional 97,500 shares during the quarter. Bank of America accounts for about 1.4% of Adams Diversified Equity Fund Inc.'s investment portfolio, making the stock its 14th largest holding. Adams Diversified Equity Fund Inc.'s holdings in Bank of America were worth $37,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Amundi grew its position in shares of 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 buying an additional 10,231,001 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock worth $405,049,000 after buying an additional 10,175,100 shares during the period. Swedbank AB lifted its holdings in Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider's stock worth $561,513,000 after buying an additional 5,733,810 shares during the period. KBC Group NV boosted its position in Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider's stock valued at $425,976,000 after acquiring an additional 5,493,817 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider's stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Remove Ads

Bank of America Stock Performance

Bank of America stock traded up $0.62 during midday trading on Monday, reaching $43.09. 30,642,940 shares of the company traded hands, compared to its average volume of 35,895,229. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The firm has a market capitalization of $327.57 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business has a 50 day moving average of $44.77 and a two-hundred day moving average of $43.83.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. As a group, research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, March 7th. Bank of America's payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BAC. Oppenheimer lifted their price target on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research note on Friday, January 17th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Piper Sandler decreased their target price on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $48.45.

Bank of America Company 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.