Generali Investments CEE investicni spolecnost a.s. Buys 7,460 Shares of Bank of America Corporation (NYSE:BAC)

Generali Investments CEE investicni spolecnost a.s. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 7.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,960 shares of the financial services provider's stock after acquiring an additional 7,460 shares during the period. Generali Investments CEE investicni spolecnost a.s.'s holdings in Bank of America were worth $4,255,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bank of America by 4.6% in 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 acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new stake in Bank of America in the 4th quarter valued at about $60,679,000. Gradient Investments LLC boosted its holdings in Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after purchasing an additional 50,296 shares during the period. Prudential Financial Inc. grew its position in shares of Bank of America by 13.7% during the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock worth $274,767,000 after purchasing an additional 753,880 shares in the last quarter. Finally, Employees Retirement System of Texas increased its holdings in shares of Bank of America by 12.7% during the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after purchasing an additional 17,880 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Piper Sandler reduced their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Barclays reduced their price objective on shares of 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. UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Finally, Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.28.

Bank of America Price Performance

Shares of NYSE:BAC opened at $48.94 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The firm has a market cap of $368.61 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The firm's fifty day moving average is $44.28 and its 200-day moving average is $43.44.

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, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

About Bank of America

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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