MetLife Investment Management LLC Has $77.64 Million Position in Bank of America Co. (NYSE:BAC)

MetLife Investment Management LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 0.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,766,606 shares of the financial services provider's stock after purchasing an additional 10,537 shares during the period. Bank of America comprises 0.4% of MetLife Investment Management LLC's portfolio, making the stock its 29th biggest holding. MetLife Investment Management LLC's holdings in Bank of America were worth $77,642,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Norges Bank acquired a new position in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors boosted its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Bank of America by 4.9% during the 4th 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 acquiring an additional 2,806,927 shares during the period. Finally, Fisher Asset Management LLC raised its position in shares of Bank of America by 3.7% during the 4th 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 acquiring an additional 1,671,610 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BAC. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods decreased their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Piper Sandler lowered their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday. Finally, Argus cut their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $47.20.

Bank of America Price Performance

NYSE:BAC opened at $37.44 on Friday. The stock's 50-day simple moving average is $41.27 and its 200 day simple moving average is $43.59. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $284.65 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. Bank of America's payout ratio is 30.95%.

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.

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