Bank of America Co. (NYSE:BAC) Shares Acquired by Perpetual Ltd

Perpetual Ltd increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 30.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,676 shares of the financial services provider’s stock after acquiring an additional 20,021 shares during the period. Perpetual Ltd’s holdings in Bank of America were worth $3,287,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Fuller & Thaler Asset Management Inc. boosted its position in Bank of America by 5.1% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 18,816 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 916 shares in the last quarter. Rodgers Brothers Inc. purchased a new stake in shares of Bank of America in the 3rd quarter worth about $239,000. Kahn Brothers Group Inc. grew its stake in Bank of America by 17.2% in the 3rd quarter. Kahn Brothers Group Inc. now owns 38,073 shares of the financial services provider’s stock valued at $1,042,000 after acquiring an additional 5,592 shares during the last quarter. Retirement Planning Co of New England Inc. increased its holdings in Bank of America by 26.0% during the 3rd quarter. Retirement Planning Co of New England Inc. now owns 74,176 shares of the financial services provider’s stock valued at $2,031,000 after acquiring an additional 15,313 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in Bank of America by 19.6% during the third quarter. Federated Hermes Inc. now owns 4,582,960 shares of the financial services provider’s stock worth $125,481,000 after acquiring an additional 750,646 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Wells Fargo & Company raised their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Piper Sandler raised their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $39.79.

Read Our Latest Analysis on BAC

Bank of America Stock Up 0.0 %

Shares of NYSE BAC traded up $0.01 during midday trading on Thursday, reaching $40.00. 29,380,164 shares of the company’s stock were exchanged, compared to its average volume of 38,744,590. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.31. The business’s fifty day moving average price is $38.46 and its two-hundred day moving average price is $35.69. The stock has a market capitalization of $312.81 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 EPS. Analysts forecast that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. Bank of America’s payout ratio is 33.22%.

Bank of America Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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