Bank of America Co. (NYSE:BAC) Stock Position Boosted by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 0.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,929,896 shares of the financial services provider’s stock after buying an additional 297,858 shares during the period. Charles Schwab Investment Management Inc. owned 0.56% of Bank of America worth $1,886,769,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Collier Financial bought a new position in Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc grew its position in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC grew its position in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new position in Bank of America in the 4th quarter valued at about $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.3 %

NYSE:BAC opened at $45.51 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The stock’s 50-day moving average is $45.81 and its two-hundred day moving average is $43.67. The stock has a market cap of $346.09 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its 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. 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 yield of 2.29%. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

BAC has been the subject of several research reports. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One 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 stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price 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.