Bank of America Co. (NYSE:BAC) Shares Purchased by First American Bank

First American Bank increased its stake in Bank of America Co. (NYSE:BAC) by 9.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 217,972 shares of the financial services provider’s stock after purchasing an additional 18,782 shares during the quarter. First American Bank’s holdings in Bank of America were worth $9,580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Hosking Partners LLP raised its holdings in Bank of America by 4.5% during the fourth quarter. Hosking Partners LLP now owns 1,657,244 shares of the financial services provider’s stock worth $72,836,000 after purchasing an additional 72,122 shares during the last quarter. Argyle Capital Management LLC boosted its position in Bank of America by 2.4% during the fourth quarter. Argyle Capital Management LLC now owns 92,892 shares of the financial services provider’s stock worth $4,083,000 after acquiring an additional 2,133 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in Bank of America by 32.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 56,248 shares of the financial services provider’s stock valued at $2,472,000 after buying an additional 13,927 shares during the period. Sentinel Trust Co. LBA increased its position in Bank of America by 23.4% during the fourth quarter. Sentinel Trust Co. LBA now owns 27,905 shares of the financial services provider’s stock worth $1,226,000 after purchasing an additional 5,285 shares during the last quarter. Finally, Fusion Capital LLC increased its stake in Bank of America by 2.2% during the fourth quarter. Fusion Capital LLC now owns 185,066 shares of the financial services provider’s stock worth $8,134,000 after acquiring an additional 3,918 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BAC shares. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 0.5 %

BAC stock opened at $44.17 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $338.87 billion, a PE ratio of 13.72, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 12 month low of $34.03 and a 12 month high of $48.08. The firm has a 50 day simple moving average of $45.74 and a 200 day simple moving average of $43.50.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given 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 2.35%. Bank of America’s payout ratio is 32.30%.

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.