Investment Management Corp of Ontario Has $16.31 Million Holdings in Bank of America Co. (NYSE:BAC)

Investment Management Corp of Ontario lifted its stake in Bank of America Co. (NYSE:BAC) by 58.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 371,177 shares of the financial services provider's stock after acquiring an additional 137,425 shares during the period. Bank of America makes up 0.5% of Investment Management Corp of Ontario's portfolio, making the stock its 27th largest holding. Investment Management Corp of Ontario's holdings in Bank of America were worth $16,313,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted 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 buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in shares of Bank of America in the 4th quarter worth approximately $60,679,000. Arizona State Retirement System grew its holdings in shares of Bank of America by 0.5% during 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 position in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $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.

Bank of America Stock Performance

BAC stock opened at $41.85 on Friday. The company has a 50 day moving average price of $39.69 and a 200 day moving average price of $43.49. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $315.21 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given 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 yield of 2.49%. Bank of America's payout ratio is presently 30.95%.

Analyst Ratings Changes

A number of research firms have weighed in on BAC. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Evercore ISI dropped 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 research report on Tuesday, April 1st. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Barclays dropped their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.25.

Bank of America 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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