Bank of America Co. (NYSE:BAC) Stake Boosted by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI boosted its stake in Bank of America Co. (NYSE:BAC - Free Report) by 3.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,040,862 shares of the financial services provider's stock after buying an additional 33,693 shares during the quarter. Bank of America makes up about 0.9% of Citizens Financial Group Inc. RI's holdings, making the stock its 22nd biggest position. Citizens Financial Group Inc. RI's holdings in Bank of America were worth $45,746,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Swedbank AB increased its position in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider's stock worth $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Bank of America by 120.2% in the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider's stock worth $814,000 after acquiring an additional 10,497 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock valued at $611,692,000 after acquiring an additional 569,385 shares during the period. Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider's stock valued at $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Finally, Ashton Thomas Securities LLC boosted its position in Bank of America by 56.0% during the 3rd quarter. Ashton Thomas Securities LLC now owns 7,631 shares of the financial services provider's stock worth $303,000 after purchasing an additional 2,740 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

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Analyst Ratings Changes

BAC has been the topic of a number of recent research reports. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research note on Friday, January 17th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $45.00 to $50.00 in a research report on Friday. Truist Financial increased their price objective 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. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $48.64.

Bank of America Stock Performance

NYSE BAC traded down $0.21 during trading hours on Tuesday, hitting $39.62. The company had a trading volume of 50,561,860 shares, compared to its average volume of 36,019,015. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The firm has a market cap of $301.29 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $45.44 and a 200-day simple moving average of $43.76.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the business posted $0.70 EPS. Bank of America's revenue was up 15.0% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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.