Tocqueville Asset Management L.P. Has $20.82 Million Holdings in Bank of America Co. (NYSE:BAC)

Tocqueville Asset Management L.P. increased its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 473,818 shares of the financial services provider's stock after buying an additional 6,769 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in Bank of America were worth $20,824,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Amundi lifted its stake in 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 period. Two Sigma Advisers LP lifted its stake in 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 purchasing an additional 10,175,100 shares during the period. Swedbank AB raised its stake in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider's stock valued at $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. KBC Group NV raised its stake 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 acquiring an additional 5,493,817 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider's stock valued at $301,898,000 after acquiring an additional 5,015,378 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of research firms have recently issued reports on BAC. Robert W. Baird upgraded shares of 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 note on Friday, March 7th. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research note on Friday, January 17th. Evercore ISI cut their target price on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research note on Friday, January 17th. Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Finally, Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.64.

Bank of America Trading Up 1.7 %

Shares of BAC stock traded up $0.70 on Wednesday, hitting $42.35. The stock had a trading volume of 21,881,230 shares, compared to its average volume of 35,794,167. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The firm has a market cap of $322.00 billion, a P/E ratio of 13.16, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average price of $45.02 and a two-hundred day moving average price of $43.78.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The firm's revenue was up 15.0% on a year-over-year basis. As a group, analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Friday, March 7th. Bank of America's dividend payout ratio (DPR) is 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.