German American Bancorp Inc. Purchases 4,375 Shares of Bank of America Co. (NYSE:BAC)

German American Bancorp Inc. raised its position in Bank of America Co. (NYSE:BAC) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 244,406 shares of the financial services provider’s stock after acquiring an additional 4,375 shares during the period. Bank of America makes up approximately 1.1% of German American Bancorp Inc.’s holdings, making the stock its 25th biggest holding. German American Bancorp Inc.’s holdings in Bank of America were worth $10,742,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BAC. Geode Capital Management LLC lifted its holdings in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Norges Bank acquired a new position in Bank of America during the 4th quarter valued at about $5,226,989,000. Bank of New York Mellon Corp raised its stake in Bank of America by 4.9% in 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 buying an additional 2,806,927 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Bank of America by 3.7% in the fourth 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 0.7% during 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 acquiring an additional 297,858 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. JPMorgan Chase & Co. reduced their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Piper Sandler dropped their target price on 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. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $35.58 on Tuesday. The business’s 50 day moving average price is $43.51 and its 200-day moving average price is $43.90. Bank of America Co. has a 1 year low of $33.54 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $270.47 billion, a PE ratio of 11.05, a P/E/G ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 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 analysts’ expectations 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 quarterly 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, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.92%. Bank of America’s dividend payout ratio is presently 32.30%.

Bank of America 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.