Navellier & Associates Inc. Buys 5,044 Shares of Bank of America Co. (NYSE:BAC)

Navellier & Associates Inc. grew its stake in Bank of America Co. (NYSE:BAC) by 39.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,844 shares of the financial services provider’s stock after acquiring an additional 5,044 shares during the period. Navellier & Associates Inc.’s holdings in Bank of America were worth $784,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BAC. Accent Capital Management LLC boosted its stake in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments boosted its stake in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 1,700,141 shares in the last quarter. Clarendon Private LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $798,000. Finally, Baker Avenue Asset Management LP lifted its position in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on BAC. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.1 %

BAC stock opened at $44.80 on Friday. The firm has a market cap of $343.71 billion, a PE ratio of 13.91, a P/E/G ratio of 1.22 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s fifty day moving average is $45.75 and its 200 day moving average is $43.37. Bank of America Co. has a one year low of $33.37 and a one year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company 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 firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business earned $0.70 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. 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.