BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $115.52 Million Stake in Bank of America Co. (NYSE:BAC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 15.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,628,327 shares of the financial services provider's stock after purchasing an additional 356,658 shares during the period. Bank of America comprises 0.7% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings, making the stock its 23rd largest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Bank of America were worth $115,515,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BAC. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at $5,226,989,000. Capital World Investors increased its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Amundi boosted its position 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 acquiring an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. JPMorgan Chase & Co. decreased their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. UBS Group boosted their target price on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note 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 report on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Truist Financial dropped their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Performance

Shares of BAC opened at $44.62 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm's fifty day simple moving average is $40.23 and its two-hundred day simple moving average is $43.59. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a market capitalization of $336.07 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results 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. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, analysts predict 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 issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. 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.

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