63,940 Shares in Bank of America Co. (NYSE:BAC) Acquired by one8zero8 LLC

by · The Cerbat Gem

one8zero8 LLC bought a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 63,940 shares of the financial services provider’s stock, valued at approximately $2,810,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Bank of America by 4.9% in the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after acquiring an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after acquiring an additional 1,671,610 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 worth $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. Finally, Amundi boosted its stake in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $40.97 on Friday. The stock’s fifty day moving average is $45.19 and its 200 day moving average is $43.74. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The firm has a market capitalization of $311.45 billion, a PE ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. 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 released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts anticipate 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, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.64.

Read Our Latest Research Report on Bank of America

Bank of America Profile

(Free Report)

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.

See Also

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