FIL Ltd boosted its position in Bank of America Co. (NYSE:BAC - Free Report) by 16.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 583,275 shares of the financial services provider's stock after purchasing an additional 82,271 shares during the quarter. FIL Ltd's holdings in Bank of America were worth $25,635,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. Collier Financial bought a new position in Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc lifted its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC bought a new stake in shares of Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $29,000. Finally, Highline Wealth Partners LLC lifted its position in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. 70.71% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have issued reports on BAC. 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 research report on Monday, March 24th. Truist Financial dropped their price objective on shares of Bank of America from $53.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Finally, UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and raised their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.31.
Check Out Our Latest Research Report on Bank of America
Bank of America Trading Up 4.3 %
Bank of America stock traded up $1.58 during midday trading on Tuesday, reaching $38.25. 44,771,332 shares of the stock traded hands, compared to its average volume of 39,259,307. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $290.79 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a 50-day simple moving average of $42.04 and a two-hundred day simple moving average of $43.70. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio (DPR) is currently 32.30%.
About Bank of America
(
Free Report)
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.
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