Public Sector Pension Investment Board raised its stake in Bank of America Corporation (NYSE:BAC) by 1.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,574,465 shares of the financial services provider's stock after buying an additional 38,343 shares during the period. Bank of America comprises 0.6% of Public Sector Pension Investment Board's holdings, making the stock its 24th biggest holding. Public Sector Pension Investment Board's holdings in Bank of America were worth $149,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also added to or reduced their stakes in the company. Capital World Investors boosted its holdings in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Deutsche Bank AG raised its position in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings 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 worth $5,381,126,000 after buying an additional 11,691,451 shares during the period. Northern Trust Corp grew its position in shares of 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 buying an additional 9,980,859 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Bank of America by 31.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider's stock valued at $1,716,318,000 after buying an additional 9,258,040 shares during the period. 70.71% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on BAC shares. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Barclays dropped 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. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Piper Sandler lowered 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. Finally, Truist Financial lifted their price target on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $50.13.
Read Our Latest Stock Report on Bank of America
Bank of America Stock Up 2.5%
BAC stock opened at $46.03 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a 50 day moving average of $46.43 and a 200 day moving average of $43.74. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The stock has a market capitalization of $340.94 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 1.79 and a beta of 1.31.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.83 EPS. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.28 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.4%. Bank of America's dividend payout ratio is currently 30.41%.
Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.
Insiders Place Their Bets
In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company's stock.
Bank of America Company Profile
(
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.
See Also
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

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