ProShare Advisors LLC Increases Stake in Bank of America Co. (NYSE:BAC)

ProShare Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 9.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,458,827 shares of the financial services provider's stock after buying an additional 129,719 shares during the quarter. ProShare Advisors LLC's holdings in Bank of America were worth $64,115,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Bank of America by 1.4% in 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 purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter valued at about $5,226,989,000. Capital World Investors increased its holdings in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of 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 purchasing an additional 9,980,859 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

BAC opened at $44.32 on Friday. The company's 50 day simple moving average is $39.93 and its 200 day simple moving average is $43.53. 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 1 year low of $33.07 and a 1 year high of $48.08. The stock has a market capitalization of $333.81 billion, a PE ratio of 13.76, a P/E/G 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 (EPS) for the quarter, topping 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 analysts' expectations of $26.83 billion. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business 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. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. Bank of America's dividend payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Oppenheimer increased their price target on shares of Bank of America from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Robert W. Baird raised shares of 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 note on Friday, March 7th. Piper Sandler lowered their price objective on shares of 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. Finally, Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target 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.

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