Ethic Inc. Buys 81,541 Shares of Bank of America Co. (NYSE:BAC)

Ethic Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 121.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,881 shares of the financial services provider's stock after buying an additional 81,541 shares during the period. Ethic Inc.'s holdings in Bank of America were worth $6,543,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in Bank of America during the fourth quarter worth $5,226,989,000. Capital World Investors boosted its position in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Amundi raised its stake 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 in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BAC. Argus reduced their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Morgan Stanley raised their price objective on 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. Royal Bank of Canada cut their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, UBS Group boosted their price objective on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.25.

Bank of America Trading Up 1.0%

Shares of Bank of America stock traded up $0.46 during trading hours on Wednesday, hitting $44.74. The company's stock had a trading volume of 20,616,720 shares, compared to its average volume of 39,377,337. The company has a market capitalization of $336.98 billion, a PE ratio of 13.89, a P/E/G ratio of 1.21 and a beta of 1.27. The business has a fifty day moving average of $39.77 and a 200 day moving average of $43.51. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

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. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

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.