Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. Raises Position in Bank of America Co. (NYSE:BAC)

Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. boosted its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2,337.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 891,374 shares of the financial services provider's stock after buying an additional 854,806 shares during the period. Bank of America makes up about 4.7% of Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A.'s investment portfolio, making the stock its 2nd largest holding. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A.'s holdings in Bank of America were worth $39,176,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Bank of America in the 4th quarter worth $60,679,000. Arizona State Retirement System increased its holdings in shares of 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 worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Keybank National Association OH increased its holdings 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 purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 0.7% in 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. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on BAC. Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target on the stock. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Price Performance

Shares of Bank of America stock traded down $1.48 during trading hours on Wednesday, hitting $43.21. The company's stock had a trading volume of 55,580,477 shares, compared to its average volume of 39,796,220. The business has a 50 day moving average price of $40.27 and a two-hundred day moving average price of $43.59. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a market cap of $325.43 billion, a PE ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. 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 (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating 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 the consensus estimate of $26.83 billion. Analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.41%. 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.