Orion Portfolio Solutions LLC Buys 52,083 Shares of Bank of America Co. (NYSE:BAC)

Orion Portfolio Solutions LLC increased its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 24.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 268,328 shares of the financial services provider's stock after buying an additional 52,083 shares during the period. Orion Portfolio Solutions LLC's holdings in Bank of America were worth $11,793,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Amundi raised its holdings 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 valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock worth $405,049,000 after acquiring an additional 10,175,100 shares during the period. Swedbank AB boosted its holdings in shares of Bank of America by 81.4% during the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider's stock worth $561,513,000 after acquiring an additional 5,733,810 shares during the period. Finally, KBC Group NV grew its position in shares of Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider's stock valued at $425,976,000 after purchasing an additional 5,493,817 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

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Analyst Ratings Changes

Several analysts recently issued reports on the company. Barclays boosted their price target on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Evercore ISI cut their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday. Finally, Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.31.

Bank of America Stock Down 0.6 %

Shares of Bank of America stock traded down $0.27 during trading on Tuesday, reaching $41.47. 8,267,949 shares of the company traded hands, compared to its average volume of 37,144,791. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The firm has a market capitalization of $315.25 billion, a PE ratio of 12.87, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a 50 day moving average price of $44.35 and a 200-day moving average price of $43.95. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS 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 firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America's dividend payout ratio is presently 32.30%.

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.