Convergence Investment Partners LLC Acquires 7,832 Shares of Bank of America Co. (NYSE:BAC)

Convergence Investment Partners LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 9.0% during the 4th quarter, Holdings Channel reports. The fund owned 95,148 shares of the financial services provider’s stock after buying an additional 7,832 shares during the period. Bank of America comprises 0.9% of Convergence Investment Partners LLC’s portfolio, making the stock its 23rd biggest holding. Convergence Investment Partners LLC’s holdings in Bank of America were worth $4,182,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Bank of America by 1.2% during 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 buying an additional 1,700,141 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares during the period. Sanders Capital LLC grew its holdings in shares of 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 worth $886,499,000 after purchasing an additional 601,211 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after buying an additional 59,853 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Bank of America by 1.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after buying an additional 285,117 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $46.46 on Wednesday. Bank of America Co. has a 1-year low of $33.17 and a 1-year high of $48.08. The firm has a market capitalization of $356.51 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company’s fifty day moving average price is $45.79 and its 200-day moving average price is $43.23.

Bank of America (NYSE:BAC) last announced its quarterly 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 return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.24%. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.