Holocene Advisors LP Purchases 46,782 Shares of Bank of America Corporation $BAC

by · The Markets Daily

Holocene Advisors LP lifted its holdings in Bank of America Corporation (NYSE:BAC) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,459,720 shares of the financial services provider’s stock after purchasing an additional 46,782 shares during the period. Holocene Advisors LP’s holdings in Bank of America were worth $163,714,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Geode Capital Management LLC grew its position in shares of Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after acquiring an additional 403,652 shares during the period. Norges Bank purchased a new stake in Bank of America in the second quarter worth about $5,091,641,000. Fisher Asset Management LLC increased its holdings in Bank of America by 5.2% in the 2nd quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after acquiring an additional 2,557,943 shares in the last quarter. Amundi raised its stake in Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after purchasing an additional 188,638 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 target price (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Barclays upped their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Truist Financial lifted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Wolfe Research upped their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

View Our Latest Stock Analysis on Bank of America

Bank of America Price Performance

Bank of America stock opened at $55.14 on Friday. The company has a market cap of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. The firm’s fifty day moving average is $52.39 and its 200 day moving average is $49.45. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $55.30.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

About Bank of America

(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.

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