Bank of America Co. (NYSE:BAC) Shares Acquired by Twin Capital Management Inc.

Twin Capital Management Inc. raised its stake in Bank of America Co. (NYSE:BAC) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 114,206 shares of the financial services provider’s stock after buying an additional 1,231 shares during the period. Twin Capital Management Inc.’s holdings in Bank of America were worth $5,019,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Principal Financial Group Inc. raised its holdings in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares during the period. Morse Asset Management Inc acquired a new stake in Bank of America during the 3rd quarter valued at $306,000. Orion Portfolio Solutions LLC raised its stake in Bank of America by 6.5% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 216,245 shares of the financial services provider’s stock valued at $8,581,000 after purchasing an additional 13,292 shares during the period. Anson Funds Management LP acquired a new stake in shares of Bank of America in the third quarter worth $2,282,000. Finally, Pacific Center for Financial Services grew its holdings in shares of Bank of America by 16.1% during the third quarter. Pacific Center for Financial Services now owns 5,680 shares of the financial services provider’s stock valued at $225,000 after buying an additional 786 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 7.7 %

Bank of America stock opened at $34.37 on Monday. Bank of America Co. has a 12 month low of $32.70 and a 12 month high of $48.08. The stock has a market cap of $261.32 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business has a 50 day moving average price of $43.74 and a two-hundred day moving average price of $43.94. 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 issued its earnings results 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the company posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Morgan Stanley raised their price objective 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. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.31.

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.