Bank of America Co. (NYSE:BAC) Shares Bought by FIL Ltd

by · The Markets Daily

FIL Ltd grew its holdings in Bank of America Co. (NYSE:BAC – Free Report) by 16.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 583,275 shares of the financial services provider’s stock after buying an additional 82,271 shares during the period. FIL Ltd’s holdings in Bank of America were worth $25,635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new position in Bank of America during the fourth quarter worth approximately $5,226,989,000. Amundi raised its holdings in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Swedbank AB raised its holdings in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares during the period. KBC Group NV boosted its position in shares of Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt purchased a new stake in shares of Bank of America in the fourth quarter valued at about $186,916,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 3.6 %

Bank of America stock opened at $35.81 on Friday. The firm has a market capitalization of $272.22 billion, a P/E ratio of 11.12, a P/E/G ratio of 1.21 and a beta of 1.24. The stock’s fifty day simple moving average is $42.47 and its 200-day simple moving average is $43.71. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the company earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.90%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BAC shares. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Read Our Latest Analysis on BAC

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.

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