Fisher Asset Management LLC Acquires 1,671,610 Shares of Bank of America Co. (NYSE:BAC)

Fisher Asset Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,887,442 shares of the financial services provider’s stock after acquiring an additional 1,671,610 shares during the period. Fisher Asset Management LLC’s holdings in Bank of America were worth $2,060,703,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Geode Capital Management LLC grew its position 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 acquiring an additional 1,700,141 shares during the last quarter. Bank of New York Mellon Corp grew its position in Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after acquiring an additional 2,806,927 shares during the last quarter. Alphinity Investment Management Pty Ltd grew its position in Bank of America by 4.5% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 24,261,854 shares of the financial services provider’s stock valued at $1,066,308,000 after acquiring an additional 1,051,262 shares during the last quarter. Sanders Capital LLC grew its position in Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after acquiring an additional 601,211 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in shares of Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $46.19 on Friday. Bank of America Co. has a 52-week low of $34.03 and a 52-week high of $48.08. 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 moving average price is $45.78 and its two-hundred day moving average price is $43.56. The firm has a market cap of $354.37 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the firm earned $0.70 earnings per share. The company’s revenue was up 15.0% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BAC shares. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI reduced their price target 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. Truist Financial boosted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. UBS Group upgraded 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 report on Tuesday, January 7th. Finally, Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America 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.