Everstar Asset Management LLC Acquires 4,531 Shares of Bank of America Co. (NYSE:BAC)

Everstar Asset Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 48.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,916 shares of the financial services provider’s stock after acquiring an additional 4,531 shares during the quarter. Everstar Asset Management LLC’s holdings in Bank of America were worth $612,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Geode Capital Management LLC raised its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter valued at $5,226,989,000. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after acquiring an additional 2,806,927 shares during the last quarter. Fisher Asset Management LLC grew its position in Bank of America by 3.7% in the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after acquiring an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $41.24 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average price is $44.45 and its 200-day moving average price is $43.93. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The stock has a market cap of $313.50 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.70 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial lifted their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.45.

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.