CANADA LIFE ASSURANCE Co Purchases 130,277 Shares of Bank of America Co. (NYSE:BAC)

CANADA LIFE ASSURANCE Co raised its position in Bank of America Co. (NYSE:BAC) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,972,314 shares of the financial services provider’s stock after buying an additional 130,277 shares during the period. CANADA LIFE ASSURANCE Co owned 0.08% of Bank of America worth $262,469,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Collier Financial bought a new stake in Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth about $29,000. Finally, Glass Jacobson Investment Advisors llc grew its position in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after buying an additional 276 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BAC. Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday. Oppenheimer lifted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Evercore ISI cut their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $47.20.

Bank of America Price Performance

Bank of America stock opened at $37.35 on Thursday. The stock has a market cap of $283.96 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 1.21 and a beta of 1.24. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a 50-day simple moving average of $41.65 and a 200 day simple moving average of $43.62. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, research analysts forecast that Bank of America Co. will post 3.7 earnings per share 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. Shareholders 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 dividend on an annualized basis and a yield of 2.78%. 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.