Bank of America Co. (NYSE:BAC) Shares Acquired by Summit Securities Group LLC

Summit Securities Group LLC lifted its position in Bank of America Co. (NYSE:BAC - Free Report) by 17,800.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,900 shares of the financial services provider's stock after acquiring an additional 17,800 shares during the period. Summit Securities Group LLC's holdings in Bank of America were worth $787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Bank of America in the fourth quarter worth approximately $5,226,989,000. Amundi grew its holdings in shares of Bank of America by 37.1% during the 4th 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 period. Two Sigma Advisers LP increased its position in shares of Bank of America by 31,021.6% during 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 purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB raised its holdings in Bank of America by 81.4% in 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 during the period. Finally, KBC Group NV lifted its position in 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 buying an additional 5,493,817 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BAC shares. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. 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. Piper Sandler dropped their price objective 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. Finally, Morgan Stanley lifted their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $48.45.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.55 on Monday, reaching $41.80. The company's stock had a trading volume of 36,386,465 shares, compared to its average volume of 37,254,779. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The stock has a market capitalization of $317.80 billion, a P/E ratio of 12.98, a PEG ratio of 1.21 and a beta of 1.32. The stock's 50-day moving average is $44.45 and its two-hundred day moving average is $43.93. 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 posted 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. 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 the consensus estimate of $25.12 billion. During the same period in the prior year, the business earned $0.70 EPS. The firm's revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given 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 yield of 2.49%. 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.