Northern Trust Corp Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Northern Trust Corp boosted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 17.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,935,940 shares of the financial services provider's stock after purchasing an additional 9,980,859 shares during the quarter. Northern Trust Corp owned about 0.89% of Bank of America worth $2,985,785,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc boosted its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Royal Bank of Canada dropped their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. 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 report on Friday, January 17th. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.43.

Bank of America Stock Performance

Shares of BAC stock opened at $39.67 on Monday. The business's fifty day simple moving average is $40.48 and its 200-day simple moving average is $43.60. The company has a market cap of $301.60 billion, a PE ratio of 12.32, a PEG ratio of 1.21 and a beta of 1.24. 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 Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.

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