696,463 Shares in Bank of America Co. (NYSE:BAC) Acquired by Polar Capital Holdings Plc

Polar Capital Holdings Plc acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 696,463 shares of the financial services provider's stock, valued at approximately $30,610,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Regent Peak Wealth Advisors LLC grew its stake in Bank of America by 10.3% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider's stock worth $526,000 after buying an additional 1,116 shares during the period. Pines Wealth Management LLC purchased a new stake in Bank of America during the fourth quarter worth approximately $252,000. Park Avenue Securities LLC grew its stake in Bank of America by 21.2% during the fourth quarter. Park Avenue Securities LLC now owns 156,256 shares of the financial services provider's stock worth $6,867,000 after buying an additional 27,383 shares during the period. Apella Capital LLC grew its stake in Bank of America by 4.3% during the fourth quarter. Apella Capital LLC now owns 11,333 shares of the financial services provider's stock worth $498,000 after buying an additional 463 shares during the period. Finally, Armstrong Advisory Group Inc. grew its stake in Bank of America by 2.1% during the fourth quarter. Armstrong Advisory Group Inc. now owns 28,278 shares of the financial services provider's stock worth $1,243,000 after buying an additional 573 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.9%

Bank of America stock opened at $44.32 on Friday. The firm's 50-day moving average is $39.93 and its 200-day moving average is $43.53. 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 1 year low of $33.07 and a 1 year high of $48.08. The company has a market cap of $333.81 billion, a P/E ratio of 13.76, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Argus lowered their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Piper Sandler lowered their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Evercore ISI lowered their price target 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, April 1st. Truist Financial lowered their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.