Raiffeisen Bank International AG Acquires Shares of 135,032 Bank of America Co. (NYSE:BAC)

Raiffeisen Bank International AG purchased a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 135,032 shares of the financial services provider's stock, valued at approximately $5,929,000.

A number of other institutional investors also recently modified their holdings of BAC. Collier Financial purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc lifted its stake in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $31,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Piper Sandler lowered their target price 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. UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Oppenheimer increased their target price on shares of Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Trading Up 0.6%

NYSE:BAC traded up $0.28 during trading hours on Friday, reaching $44.66. The company's stock had a trading volume of 49,375,450 shares, compared to its average volume of 39,687,873. The firm has a market capitalization of $336.38 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.21 and a beta of 1.27. The firm has a 50-day simple moving average of $40.03 and a 200-day simple moving average of $43.55. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. 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 (NYSE:BAC - Get Free Report) last issued its earnings results 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 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%. Research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal 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 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

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.