KLP Kapitalforvaltning AS Buys Shares of 2,628,741 Bank of America Co. (NYSE:BAC)

KLP Kapitalforvaltning AS bought a new position in Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,628,741 shares of the financial services provider's stock, valued at approximately $115,533,000. Bank of America makes up about 0.5% of KLP Kapitalforvaltning AS's holdings, making the stock its 25th biggest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider's stock worth $2,620,028,000 after buying an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider's stock valued at $2,060,703,000 after buying an additional 1,671,610 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Bank of America by 0.7% during the 4th 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 buying an additional 297,858 shares in the last quarter. Finally, Amundi increased its stake in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

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Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BAC shares. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Piper Sandler decreased their target price on shares of 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 lifted their price target 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. Finally, UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and upped their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.45.

Bank of America Trading Up 0.6 %

Shares of NYSE:BAC traded up $0.24 during trading on Tuesday, reaching $43.31. 25,443,269 shares of the company were exchanged, compared to its average volume of 35,911,329. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $329.28 billion, a PE ratio of 13.45, a P/E/G ratio of 1.21 and a beta of 1.32. The business's fifty day simple moving average is $44.72 and its 200-day simple moving average is $43.87. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates 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 business 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 company posted $0.70 EPS. Bank of America's revenue was up 15.0% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, March 7th. Bank of America's dividend payout ratio (DPR) 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.