DAVENPORT & Co LLC Has $16.73 Million Position in Bank of America Co. (NYSE:BAC)

DAVENPORT & Co LLC grew its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 380,739 shares of the financial services provider's stock after acquiring an additional 8,379 shares during the period. DAVENPORT & Co LLC's holdings in Bank of America were worth $16,733,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Bank of America by 2.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 198,148 shares of the financial services provider's stock valued at $8,709,000 after acquiring an additional 4,567 shares in the last quarter. Abundance Wealth Counselors raised its holdings in shares of Bank of America by 3.0% during the fourth quarter. Abundance Wealth Counselors now owns 23,480 shares of the financial services provider's stock worth $1,032,000 after purchasing an additional 684 shares during the period. Brio Consultants LLC lifted its position in shares of Bank of America by 6.1% in the 4th quarter. Brio Consultants LLC now owns 7,021 shares of the financial services provider's stock worth $309,000 after buying an additional 405 shares during the last quarter. Independence Bank of Kentucky grew its position in shares of Bank of America by 13.2% during the 4th quarter. Independence Bank of Kentucky now owns 39,729 shares of the financial services provider's stock valued at $1,746,000 after buying an additional 4,635 shares during the last quarter. Finally, SeaBridge Investment Advisors LLC grew its position in shares of Bank of America by 2.8% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 50,466 shares of the financial services provider's stock valued at $2,218,000 after buying an additional 1,385 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 0.1 %

NYSE:BAC traded down $0.07 during trading hours on Monday, hitting $46.23. 36,480,730 shares of the company's stock traded hands, compared to its average volume of 36,949,066. The stock's fifty day moving average price is $45.83 and its two-hundred day moving average price is $42.77. The firm has a market cap of $354.72 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.26 and a beta of 1.33. 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 Co. has a twelve month low of $32.35 and a twelve month high of $48.08.

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 (EPS) for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. The firm's revenue was up 15.0% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Piper Sandler dropped their target price on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. Morgan Stanley boosted their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Finally, Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $48.58.

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.