Brevan Howard Capital Management LP Grows Stake in Bank of America Co. (NYSE:BAC)

Brevan Howard Capital Management LP increased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 93.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 526,543 shares of the financial services provider's stock after buying an additional 254,748 shares during the period. Bank of America accounts for about 0.1% of Brevan Howard Capital Management LP's portfolio, making the stock its 20th largest position. Brevan Howard Capital Management LP's holdings in Bank of America were worth $23,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% in the fourth 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 in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the 4th quarter worth $60,679,000. Arizona State Retirement System lifted its stake in shares of Bank of America by 0.5% during the 4th 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 last quarter. Keybank National Association OH boosted its position in Bank of America by 1.1% during the fourth 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. raised its holdings in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE:BAC traded down $0.26 during trading hours on Tuesday, reaching $40.86. The company had a trading volume of 29,470,622 shares, compared to its average volume of 39,256,504. 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 business's 50 day moving average price is $39.89 and its 200-day moving average price is $43.50. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The firm has a market cap of $310.62 billion, a PE ratio of 12.69, a price-to-earnings-growth 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, beating 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 company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.55%. Bank of America's dividend payout ratio is currently 30.95%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BAC shares. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Truist Financial cut their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada decreased their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Argus decreased their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $47.25.

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.