Generation Capital Management LLC Buys Shares of 40,383 Bank of America Co. (NYSE:BAC)

Generation Capital Management LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 40,383 shares of the financial services provider's stock, valued at approximately $1,775,000. Bank of America accounts for 1.5% of Generation Capital Management LLC's holdings, making the stock its 21st largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the 4th quarter worth $60,679,000. Arizona State Retirement System raised its position in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after buying an additional 10,377 shares in the last quarter. Keybank National Association OH lifted its holdings in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after acquiring an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 3.1 %

NYSE:BAC traded up $1.14 during trading hours on Tuesday, reaching $38.06. 15,839,328 shares of the company traded hands, compared to its average volume of 38,953,191. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a market capitalization of $289.32 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.21 and a beta of 1.24. The business's 50-day moving average price is $41.09 and its two-hundred day moving average price is $43.63. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts predict 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 declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $47.43.

Bank of America Company 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.