Pennington Partners & CO. LLC Buys Shares of 7,400 Bank of America Co. (NYSE:BAC)

Pennington Partners & CO. LLC purchased a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 7,400 shares of the financial services provider's stock, valued at approximately $325,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter worth $5,226,989,000. Capital World Investors boosted its holdings in shares of Bank of America by 23.9% during the 4th 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 during the period. Finally, Northern Trust Corp grew its stake in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent analyst reports. Truist Financial decreased their price target 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. 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. Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Royal Bank of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research 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 assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $47.25.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.91 during mid-day trading on Friday, reaching $41.08. 41,601,768 shares of the stock were exchanged, compared to its average volume of 39,277,820. The company has a market cap of $312.32 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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 current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50-day simple moving average of $40.01 and a 200 day simple moving average of $43.52.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during 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%. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

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.