Rheos Capital Works Inc. Buys New Shares in Bank of America Co. (NYSE:BAC)

Rheos Capital Works Inc. acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 250,000 shares of the financial services provider’s stock, valued at approximately $10,988,000.

A number of other large investors also recently modified their holdings of BAC. Czech National Bank increased its position in shares of Bank of America by 6.0% during the 3rd quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock worth $54,569,000 after purchasing an additional 78,376 shares during the last quarter. GAMMA Investing LLC increased its holdings in Bank of America by 14.5% during the third quarter. GAMMA Investing LLC now owns 94,287 shares of the financial services provider’s stock worth $3,741,000 after buying an additional 11,909 shares during the last quarter. WealthBridge Capital Management LLC increased its holdings in Bank of America by 22.9% during the third quarter. WealthBridge Capital Management LLC now owns 8,124 shares of the financial services provider’s stock worth $322,000 after buying an additional 1,515 shares during the last quarter. Diversified Trust Co raised its position in Bank of America by 34.8% during the third quarter. Diversified Trust Co now owns 162,072 shares of the financial services provider’s stock worth $6,431,000 after acquiring an additional 41,877 shares in the last quarter. Finally, Smith Anglin Financial LLC grew its position in shares of Bank of America by 13.6% in the 3rd quarter. Smith Anglin Financial LLC now owns 13,007 shares of the financial services provider’s stock valued at $516,000 after acquiring an additional 1,561 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Morgan Stanley boosted their target price 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. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 1.0 %

BAC opened at $46.25 on Monday. 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 $32.35 and a fifty-two week high of $48.08. The company’s 50 day moving average price is $45.83 and its two-hundred day moving average price is $42.77. The firm has a market capitalization of $354.84 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.70 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.67 earnings per share 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%.

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.