Bank of America Co. (NYSE:BAC) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS raised its stake in Bank of America Co. (NYSE:BAC) by 7.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,318,854 shares of the financial services provider’s stock after acquiring an additional 287,118 shares during the period. Bank of America accounts for about 0.8% of DnB Asset Management AS’s investment portfolio, making the stock its 20th biggest holding. DnB Asset Management AS’s holdings in Bank of America were worth $189,814,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in BAC. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc grew its position in Bank of America by 3,883.2% in the 4th 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. Graney & King LLC bought a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter worth approximately $29,000. Finally, Highline Wealth Partners LLC boosted its holdings 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 acquiring an additional 510 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BAC shares. Truist Financial increased their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Barclays raised their target price 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. Piper Sandler dropped their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Citigroup reduced their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Stock Performance

Shares of BAC stock opened at $42.61 on Friday. The firm has a market cap of $323.96 billion, a P/E ratio of 13.23, a PEG ratio of 1.21 and a beta of 1.32. 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 fifty-two week low of $34.15 and a fifty-two week high of $48.08. The stock’s 50-day moving average is $44.55 and its two-hundred day moving average is $43.85.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 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.