Convergence Investment Partners LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Convergence Investment Partners LLC raised its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,148 shares of the financial services provider's stock after purchasing an additional 7,832 shares during the period. Bank of America accounts for approximately 0.9% of Convergence Investment Partners LLC's portfolio, making the stock its 23rd largest holding. Convergence Investment Partners LLC's holdings in Bank of America were worth $4,182,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of BAC. Atlas Legacy Advisors LLC bought a new position in shares of Bank of America during the 4th quarter worth $220,000. Bank of Jackson Hole Trust purchased a new stake in Bank of America during the fourth quarter valued at about $782,000. Prossimo Advisors LLC boosted its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares during the period. Kentucky Retirement Systems Insurance Trust Fund increased its stake in shares of Bank of America by 89.0% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 377,719 shares of the financial services provider's stock worth $16,601,000 after purchasing an additional 177,844 shares in the last quarter. Finally, Proactive Wealth Strategies LLC increased its stake in shares of Bank of America by 3.9% in the fourth quarter. Proactive Wealth Strategies LLC now owns 6,329 shares of the financial services provider's stock worth $278,000 after purchasing an additional 237 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on BAC shares. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a report on Friday, January 17th. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Keefe, Bruyette & Woods raised their target price on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley upped their price target on Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $48.58.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.51 during trading on Friday, hitting $44.80. 43,472,525 shares of the stock traded hands, compared to its average volume of 35,078,777. The firm's fifty day moving average is $45.77 and its 200-day moving average is $43.27. The stock has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 52 week low of $33.37 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business's quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $0.70 earnings per share. Research analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's dividend payout ratio (DPR) 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.