Bank of America Co. (NYSE:BAC) Shares Purchased by Keybank National Association OH

Keybank National Association OH boosted its holdings in Bank of America Co. (NYSE:BAC) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,458,616 shares of the financial services provider’s stock after acquiring an additional 38,258 shares during the period. Keybank National Association OH’s holdings in Bank of America were worth $152,006,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Jag Capital Management LLC lifted its holdings in Bank of America by 8.0% in the fourth quarter. Jag Capital Management LLC now owns 8,830 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 653 shares during the last quarter. Westover Capital Advisors LLC lifted its holdings in Bank of America by 7.1% in the fourth quarter. Westover Capital Advisors LLC now owns 17,464 shares of the financial services provider’s stock valued at $768,000 after acquiring an additional 1,161 shares during the last quarter. Ring Mountain Capital LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $340,000. Commerzbank Aktiengesellschaft FI raised its position in Bank of America by 19.6% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 82,847 shares of the financial services provider’s stock valued at $3,641,000 after purchasing an additional 13,601 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position 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 purchasing an additional 297,858 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BAC. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Barclays upped their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of BAC opened at $45.51 on Tuesday. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a market capitalization of $346.09 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The firm has a 50-day simple moving average of $45.81 and a 200-day simple moving average of $43.67. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid 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 dividend yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.