Davis R M Inc. Acquires 75,845 Shares of Bank of America Co. (NYSE:BAC)

Davis R M Inc. boosted its stake in Bank of America Co. (NYSE:BAC - Free Report) by 15.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 578,571 shares of the financial services provider's stock after purchasing an additional 75,845 shares during the quarter. Davis R M Inc.'s holdings in Bank of America were worth $25,428,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA grew its stake in Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after acquiring an additional 217 shares during the period. Prossimo Advisors LLC grew its stake in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC grew its stake in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock valued at $580,000 after acquiring an additional 222 shares during the period. Keudell Morrison Wealth Management grew its stake in Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after acquiring an additional 223 shares during the period. Finally, Traveka Wealth LLC grew its stake in Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider's stock valued at $382,000 after acquiring an additional 226 shares during the period. Institutional investors own 70.71% of the company's stock.

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Bank of America Price Performance

Shares of BAC stock traded down $0.21 during trading hours on Tuesday, reaching $39.62. The company's stock had a trading volume of 50,561,860 shares, compared to its average volume of 36,019,015. The firm's 50 day simple moving average is $45.44 and its 200-day simple moving average is $43.76. The company has a market capitalization of $301.29 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two 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 released its quarterly earnings data 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. Bank of America's revenue for the quarter was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's dividend payout ratio (DPR) is 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Morgan Stanley upped their price objective on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. 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 report on Friday, January 17th. Finally, UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.64.

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.