Blueprint Investment Partners LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Blueprint Investment Partners LLC raised its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 39.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,611 shares of the financial services provider's stock after buying an additional 9,835 shares during the quarter. Blueprint Investment Partners LLC's holdings in Bank of America were worth $1,521,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised 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 valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new stake in Bank of America in the fourth quarter valued at about $60,679,000. Arizona State Retirement System grew its position in 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 valued at $89,150,000 after acquiring an additional 10,377 shares during the period. Keybank National Association OH increased its holdings in shares of Bank of America by 1.1% during 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. raised its holdings in shares of 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 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 and hedge funds.

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Analyst Ratings Changes

A number of research firms have issued reports on BAC. Citigroup decreased their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Finally, 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.45.

Bank of America Trading Up 0.4 %

NYSE BAC traded up $0.18 on Tuesday, reaching $43.25. 9,511,969 shares of the company were exchanged, compared to its average volume of 35,889,184. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The stock has a market capitalization of $328.85 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business's fifty day moving average price is $44.77 and its 200 day moving average price is $43.83. 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 earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America's revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 EPS. Analysts forecast 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. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, March 7th. Bank of America's dividend payout ratio is presently 32.30%.

About Bank of America

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.