Bedell Frazier Investment Counselling LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Bedell Frazier Investment Counselling LLC increased its stake in Bank of America Co. (NYSE:BAC) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 121,178 shares of the financial services provider’s stock after purchasing an additional 859 shares during the quarter. Bank of America accounts for 1.3% of Bedell Frazier Investment Counselling LLC’s portfolio, making the stock its 23rd largest position. Bedell Frazier Investment Counselling LLC’s holdings in Bank of America were worth $5,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in 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 period. Norges Bank purchased a new position in Bank of America during the fourth quarter valued at $5,226,989,000. Bank of New York Mellon Corp grew its position in shares of Bank of America by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after purchasing an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC increased its stake in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after acquiring an additional 1,671,610 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Performance

BAC opened at $41.24 on Monday. The firm has a market capitalization of $313.50 billion, a PE ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The firm’s 50-day moving average price is $44.45 and its 200 day moving average price is $43.93.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. Bank of America’s payout ratio is 32.30%.

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.