Bank of America Co. (NYSE:BAC) Shares Purchased by Prudential Financial Inc.

Prudential Financial Inc. increased its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 13.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,251,802 shares of the financial services provider's stock after purchasing an additional 753,880 shares during the period. Prudential Financial Inc. owned approximately 0.08% of Bank of America worth $274,767,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Amundi lifted its position in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Two Sigma Advisers LP increased its stake in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock worth $405,049,000 after buying an additional 10,175,100 shares during the period. Swedbank AB lifted its holdings in Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider's stock valued at $561,513,000 after buying an additional 5,733,810 shares in the last quarter. KBC Group NV boosted its position in Bank of America by 130.9% in the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider's stock valued at $425,976,000 after buying an additional 5,493,817 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider's stock worth $301,898,000 after acquiring an additional 5,015,378 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

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Bank of America Stock Down 0.5 %

Bank of America stock traded down $0.21 during midday trading on Thursday, reaching $42.61. The company's stock had a trading volume of 25,606,235 shares, compared to its average volume of 35,794,224. 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 stock has a market capitalization of $323.96 billion, a P/E ratio of 13.23, a PEG ratio of 1.21 and a beta of 1.32. The stock's 50-day simple moving average is $44.55 and its 200-day simple moving average is $43.85. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08.

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 the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America's revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.70 EPS. On average, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. Bank of America's payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Truist Financial lifted their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Morgan Stanley increased 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. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $48.45.

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.