Moore Capital Management LP Invests $47.06 Million in Bank of America Co. (NYSE:BAC)

Moore Capital Management LP bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,070,720 shares of the financial services provider's stock, valued at approximately $47,058,000. Bank of America makes up about 0.5% of Moore Capital Management LP's holdings, making the stock its 29th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Leigh Baldwin & CO. LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $38,061,000. Laird Norton Wetherby Trust Company LLC boosted its holdings in Bank of America by 75.9% in the fourth quarter. Laird Norton Wetherby Trust Company LLC now owns 17,832 shares of the financial services provider's stock worth $784,000 after purchasing an additional 7,692 shares during the period. Lighthouse Investment Partners LLC raised its holdings in shares of Bank of America by 4,568.5% during the fourth quarter. Lighthouse Investment Partners LLC now owns 1,004,431 shares of the financial services provider's stock worth $44,145,000 after purchasing an additional 982,916 shares during the period. Investment Management Corp of Ontario boosted its holdings in shares of Bank of America by 58.8% in the 4th quarter. Investment Management Corp of Ontario now owns 371,177 shares of the financial services provider's stock valued at $16,313,000 after buying an additional 137,425 shares during the period. Finally, Investor s Fiduciary Advisor Network LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $647,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $41.85 on Monday. The firm's 50 day simple moving average is $39.69 and its 200 day simple moving average is $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 market capitalization of $315.21 billion, a price-to-earnings ratio of 13.00, 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 current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates 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, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Truist Financial decreased their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Finally, Oppenheimer lifted their target price on Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus 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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