Bank of America Co. (NYSE:BAC) Shares Purchased by Channing Global Advisors LLC

Channing Global Advisors LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 43.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,872 shares of the financial services provider’s stock after purchasing an additional 18,034 shares during the quarter. Bank of America comprises about 1.8% of Channing Global Advisors LLC’s portfolio, making the stock its 19th biggest position. Channing Global Advisors LLC’s holdings in Bank of America were worth $2,631,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BAC. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter worth $25,000. Kennebec Savings Bank acquired a new stake in Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC lifted its position in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the 4th quarter worth about $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.80 on Wednesday. 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 twelve month low of $32.35 and a twelve month high of $48.08. The business has a 50-day moving average price of $45.77 and a 200 day moving average price of $43.00. The firm has a market cap of $359.08 billion, a PE ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. Sell-side analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

A number of brokerages have commented on BAC. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Evercore ISI lowered their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Finally, Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.58.

About Bank of America

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.