Vident Advisory LLC Acquires 282,255 Shares of Bank of America Co. (NYSE:BAC)

Vident Advisory LLC lifted its stake in Bank of America Co. (NYSE:BAC - Free Report) by 88.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 602,490 shares of the financial services provider's stock after acquiring an additional 282,255 shares during the period. Vident Advisory LLC's holdings in Bank of America were worth $26,480,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BAC. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 last quarter. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at $5,226,989,000. Capital World Investors lifted its stake 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 worth $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings 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 purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.0%

NYSE:BAC traded down $0.00 on Friday, hitting $43.31. 18,696,078 shares of the stock were exchanged, compared to its average volume of 39,659,913. The stock has a market capitalization of $326.18 billion, a price-to-earnings ratio of 13.46, a P/E/G 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 Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company's 50-day moving average price is $40.31 and its 200 day moving average price is $43.60.

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 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.40%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Piper Sandler dropped their price target 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. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday. Keefe, Bruyette & Woods dropped their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Argus reduced their price target 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. Finally, Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

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.