3,867,282 Shares in Bank of America Co. (NYSE:BAC) Purchased by Junto Capital Management LP

Junto Capital Management LP acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 3,867,282 shares of the financial services provider's stock, valued at approximately $169,967,000. Bank of America comprises approximately 3.3% of Junto Capital Management LP's investment portfolio, making the stock its 5th largest position. Junto Capital Management LP owned about 0.05% of Bank of America at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kahn Brothers Group Inc. boosted its stake in Bank of America by 4.6% in the fourth quarter. Kahn Brothers Group Inc. now owns 19,430 shares of the financial services provider's stock valued at $854,000 after acquiring an additional 854 shares in the last quarter. Guardian Wealth Advisors LLC NC lifted its position in Bank of America by 3.3% during the 4th quarter. Guardian Wealth Advisors LLC NC now owns 43,809 shares of the financial services provider's stock worth $1,925,000 after acquiring an additional 1,396 shares during the period. Francis Financial Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $397,000. Ensign Peak Advisors Inc lifted its stake in shares of Bank of America by 23.1% in the 4th quarter. Ensign Peak Advisors Inc now owns 8,620,023 shares of the financial services provider's stock worth $378,850,000 after acquiring an additional 1,616,091 shares during the period. Finally, Ethic Inc. lifted its position in Bank of America by 121.1% in the fourth quarter. Ethic Inc. now owns 148,881 shares of the financial services provider's stock valued at $6,543,000 after purchasing an additional 81,541 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC traded up $0.41 during trading hours on Wednesday, reaching $44.69. 10,494,223 shares of the company traded hands, compared to its average volume of 39,343,503. The stock has a fifty day simple moving average of $39.77 and a 200 day simple moving average of $43.51. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a market capitalization of $336.61 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.33%. Bank of America's payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Citigroup dropped their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Argus lowered their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Royal Bank of Canada reduced their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Evercore ISI dropped their target price 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. Finally, Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.25.

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.