8,452 Shares in Bank of America Co. (NYSE:BAC) Bought by Breakthru Advisory Services LLC

Breakthru Advisory Services LLC purchased 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 & Exchange Commission. The firm purchased 8,452 shares of the financial services provider's stock, valued at approximately $371,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management acquired a new position in Bank of America in the 4th quarter valued at approximately $60,679,000. Arizona State Retirement System raised its holdings in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH lifted its position in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after acquiring an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bank of America by 0.7% during the 4th 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 institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC stock opened at $43.27 on Friday. The firm's 50 day moving average price is $40.31 and its two-hundred day moving average price is $43.60. 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 52-week low of $33.07 and a 52-week high of $48.08. The stock has a market cap of $325.90 billion, a PE ratio of 13.44, a PEG ratio of 1.21 and a beta of 1.27.

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

Bank of America Announces Dividend

The business 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. 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 report on Friday, March 7th. Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Argus cut 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 research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $47.50.

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.

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