Fisher Asset Management LLC Acquires 1,671,610 Shares of Bank of America Co. (NYSE:BAC)

Fisher Asset Management LLC lifted its position in Bank of America Co. (NYSE:BAC) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,887,442 shares of the financial services provider’s stock after buying an additional 1,671,610 shares during the quarter. Fisher Asset Management LLC owned about 0.61% of Bank of America worth $2,060,703,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% in the fourth 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 shares of Bank of America in the third quarter valued at $29,000. Highline Wealth Partners LLC grew its stake in shares of Bank of America by 152.7% in the fourth 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 shares of Bank of America in the fourth quarter valued at $42,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 4.7 %

Shares of NYSE BAC opened at $46.19 on Friday. 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 Co. has a 52 week low of $34.03 and a 52 week high of $48.08. The stock has a market capitalization of $354.37 billion, a P/E ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33. The stock’s fifty day moving average is $45.78 and its 200 day moving average is $43.56.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. Sell-side 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 declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.