DRW Securities LLC Buys 63,511 Shares of Bank of America Co. (NYSE:BAC)

DRW Securities LLC boosted its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 46.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 200,073 shares of the financial services provider's stock after buying an additional 63,511 shares during the period. DRW Securities LLC's holdings in Bank of America were worth $8,792,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after acquiring an additional 173,021 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Bank of America during the fourth quarter valued at about $60,679,000. Arizona State Retirement System increased its holdings in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH lifted its position in shares of Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after buying an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted 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 buying an additional 297,858 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent research reports. Citigroup decreased their price objective 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. Truist Financial lowered their price objective on shares of Bank of America from $53.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. UBS Group raised shares of Bank of America from a "neutral" rating to a "buy" rating and increased their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $48.31.

Bank of America Trading Up 0.2 %

BAC traded up $0.08 during trading on Friday, hitting $35.93. 63,602,892 shares of the stock were exchanged, compared to its average volume of 39,201,922. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50 day simple moving average of $42.25 and a 200 day simple moving average of $43.72. The firm has a market cap of $273.20 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. The business's revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.89%. Bank of America's payout ratio is presently 32.30%.

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.