Bank of America Co. (NYSE:BAC) Shares Bought by Perennial Investment Advisors LLC

Perennial Investment Advisors LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 2.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,887 shares of the financial services provider’s stock after acquiring an additional 602 shares during the period. Perennial Investment Advisors LLC’s holdings in Bank of America were worth $1,050,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BAC. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth approximately $5,226,989,000. Amundi grew its stake in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after buying an additional 10,231,001 shares during the period. Swedbank AB increased its position in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares in the last quarter. KBC Group NV raised its stake in shares of Bank of America by 130.9% in the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after acquiring an additional 5,493,817 shares during the period. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in shares of Bank of America during the 4th quarter valued at $186,916,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Truist Financial lowered their price target on Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a report on Friday. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Stock Performance

Bank of America stock opened at $34.37 on Friday. 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 12 month low of $33.67 and a 12 month high of $48.08. The company has a fifty day moving average price of $43.74 and a two-hundred day moving average price of $43.91. The company has a market cap of $261.32 billion, a PE ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32.

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

Bank of America Announces Dividend

The business 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Friday, March 7th. 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.