Armis Advisers LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 19,352 shares of the financial services provider's stock, valued at approximately $851,000.
Several other large investors have also modified their holdings of BAC. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors increased 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 purchasing an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD increased 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 purchasing an additional 11,691,451 shares in the last quarter. Amundi increased its position in 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 increased its position in 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. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Price Performance
Shares of NYSE:BAC traded up $0.05 during trading on Thursday, reaching $44.11. 13,312,587 shares of the company traded hands, compared to its average volume of 39,696,680. The company's 50 day moving average is $40.42 and its two-hundred day moving average is $43.59. The firm has a market capitalization of $332.19 billion, a PE ratio of 13.70, a PEG ratio of 1.21 and a beta of 1.27. 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 52 week low of $33.07 and a 52 week high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last released its earnings results 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.
Bank of America Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 annualized dividend and a dividend yield of 2.36%. Bank of America's dividend payout ratio is currently 30.95%.
Analysts Set New Price Targets
BAC has been the subject of a number of research analyst reports. Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Cowen initiated coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.
Read Our Latest Stock Report on BAC
About Bank of America
(
Free Report)
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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