Brooklyn FI LLC Purchases Shares of 24,416 Bank of America Co. (NYSE:BAC)

Brooklyn FI LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,416 shares of the financial services provider’s stock, valued at approximately $1,081,000.

Several other institutional investors and hedge funds also recently modified their holdings of BAC. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Bank of America in the fourth quarter worth $60,679,000. Arizona State Retirement System boosted its holdings in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH grew its position in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after buying an additional 297,858 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $42.24 on Thursday. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company’s 50 day moving average price is $44.94 and its two-hundred day moving average price is $43.77. The firm has a market cap of $321.10 billion, a PE ratio of 13.12, a PEG ratio of 1.21 and a beta of 1.32. 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 (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s dividend payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent analyst reports. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.64.

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.