Sculptor Capital LP Buys 250,000 Shares of Bank of America Co. (NYSE:BAC)

Sculptor Capital LP increased its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 29.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,102,655 shares of the financial services provider's stock after buying an additional 250,000 shares during the quarter. Sculptor Capital LP's holdings in Bank of America were worth $48,462,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Bank of America in the 4th quarter worth approximately $60,679,000. Arizona State Retirement System grew its position in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after acquiring an additional 10,377 shares during the last quarter. Keybank National Association OH increased its holdings in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial decreased 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 report on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. Finally, Argus decreased 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Up 0.6%

NYSE:BAC opened at $44.66 on Friday. 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 Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The stock's fifty day simple moving average is $40.03 and its 200-day simple moving average is $43.54. The firm has a market capitalization of $336.38 billion, a P/E ratio of 13.87, 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 for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared 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 of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America's dividend payout ratio is 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.

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