Channing Capital Management LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Channing Capital Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 161,190 shares of the financial services provider's stock, valued at approximately $7,084,000.

Several other institutional investors have also modified their holdings of BAC. Swedbank AB lifted its holdings in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider's stock valued at $279,441,000 after buying an additional 50,849 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Bank of America by 120.2% during the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider's stock valued at $814,000 after purchasing an additional 10,497 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider's stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Finally, Ashton Thomas Securities LLC lifted its holdings in shares of Bank of America by 56.0% during the third quarter. Ashton Thomas Securities LLC now owns 7,631 shares of the financial services provider's stock valued at $303,000 after purchasing an additional 2,740 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BAC shares. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $45.00 to $50.00 in a research note on Friday. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research note on Friday, January 17th. Truist Financial increased their price objective 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. Finally, UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.64.

Bank of America Stock Down 0.5 %

Shares of NYSE BAC traded down $0.21 during mid-day trading on Tuesday, reaching $39.62. 50,561,860 shares of the company traded hands, compared to its average volume of 36,019,015. The company's fifty day moving average is $45.44 and its two-hundred day moving average is $43.76. 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 cap of $301.29 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last announced 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. 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 during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 EPS. The firm's revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.63%. 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.