American Money Management LLC Acquires 6,268 Shares of Bank of America Co. (NYSE:BAC)

American Money Management LLC grew its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 98.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,664 shares of the financial services provider's stock after buying an additional 6,268 shares during the quarter. American Money Management LLC's holdings in Bank of America were worth $557,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of BAC. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $60,679,000. Arizona State Retirement System raised its holdings in shares of Bank of America by 0.5% in the 4th 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 period. Keybank National Association OH lifted its stake in 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 valued at $152,006,000 after purchasing an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $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.

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Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BAC shares. Oppenheimer increased 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. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a report on Tuesday, December 3rd. HSBC raised Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Finally, UBS Group raised shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $48.45.

Bank of America Stock Up 1.3 %

BAC traded up $0.55 during midday trading on Monday, reaching $41.80. The company's stock had a trading volume of 36,386,465 shares, compared to its average volume of 37,254,779. The stock's 50-day moving average is $44.45 and its 200-day moving average is $43.93. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The firm has a market capitalization of $317.80 billion, a price-to-earnings ratio of 12.98, 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 (NYSE:BAC - Get Free Report) last posted 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 for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The firm's quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Friday, March 7th. Bank of America's payout ratio 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.