1,429,651 Shares in Bank of America Co. (NYSE:BAC) Acquired by OFI Invest Asset Management

OFI Invest Asset Management acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,429,651 shares of the financial services provider’s stock, valued at approximately $60,679,000. Bank of America makes up 1.4% of OFI Invest Asset Management’s holdings, making the stock its 15th biggest holding.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Axis Wealth Partners LLC purchased a new position in Bank of America during the fourth quarter worth approximately $370,000. Personal CFO Solutions LLC lifted its stake in shares of Bank of America by 3.3% in the 4th quarter. Personal CFO Solutions LLC now owns 34,059 shares of the financial services provider’s stock valued at $1,497,000 after purchasing an additional 1,075 shares during the last quarter. Atlantic Union Bankshares Corp lifted its stake in shares of Bank of America by 2.1% in the 4th quarter. Atlantic Union Bankshares Corp now owns 300,777 shares of the financial services provider’s stock valued at $13,219,000 after purchasing an additional 6,131 shares during the last quarter. Amundi lifted its stake in shares of Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Finally, Permanent Capital Management LP acquired a new position in shares of Bank of America in the 4th quarter valued at $553,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $45.00 to $50.00 in a report on Friday. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Trading Down 0.2 %

BAC opened at $41.39 on Friday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The company has a market cap of $314.72 billion, a P/E ratio of 12.85, 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. The business’s 50-day simple moving average is $45.61 and its 200-day simple moving average is $43.72.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.70 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 dividend yield of 2.51%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.