Vanguard Group Inc. Has $28.91 Billion Stake in Bank of America Co. (NYSE:BAC)

Vanguard Group Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 657,834,864 shares of the financial services provider's stock after selling 2,180,659 shares during the quarter. Bank of America accounts for about 0.5% of Vanguard Group Inc.'s investment portfolio, making the stock its 25th biggest holding. Vanguard Group Inc. owned about 8.57% of Bank of America worth $28,911,842,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in shares of Bank of America in the fourth quarter worth about $60,679,000. Arizona State Retirement System raised its position in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares during the period. Keybank National Association OH lifted its holdings in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the period. Institutional investors own 70.71% of the company's stock.

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Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a research note on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Citigroup lowered their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday. Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Finally, Truist Financial increased their price objective on 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 issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $48.45.

Bank of America Stock Performance

NYSE:BAC traded down $0.47 during mid-day trading on Wednesday, hitting $42.81. The stock had a trading volume of 30,007,296 shares, compared to its average volume of 35,841,962. The company's 50 day simple moving average is $44.63 and its 200 day simple moving average is $43.86. The stock has a market cap of $325.45 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping 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 company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the company posted $0.70 EPS. The firm's revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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 given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Friday, March 7th. Bank of America's payout ratio is presently 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.