Bank of America Co. (NYSE:BAC) Shares Purchased by Flputnam Investment Management Co.

Flputnam Investment Management Co. increased its holdings in Bank of America Co. (NYSE:BAC) by 2.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 426,505 shares of the financial services provider’s stock after purchasing an additional 10,366 shares during the quarter. Flputnam Investment Management Co.’s holdings in Bank of America were worth $18,745,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Swedbank AB increased its holdings in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares in the last quarter. JFS Wealth Advisors LLC increased its stake in shares of Bank of America by 202.1% during the third quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock worth $735,000 after purchasing an additional 12,396 shares in the last quarter. Reston Wealth Management LLC acquired a new position in shares of Bank of America during the 3rd quarter worth about $99,000. Lincluden Management Ltd. lifted its stake in Bank of America by 0.9% in the 3rd quarter. Lincluden Management Ltd. now owns 154,707 shares of the financial services provider’s stock valued at $6,139,000 after buying an additional 1,363 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its holdings in Bank of America by 7.6% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 164,361 shares of the financial services provider’s stock worth $6,522,000 after buying an additional 11,612 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 4.7 %

Shares of NYSE:BAC opened at $46.19 on Friday. The company has a market capitalization of $354.37 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 12-month low of $34.03 and a 12-month high of $48.08. The business has a 50-day moving average price of $45.78 and a 200 day moving average price of $43.56. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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 analysts’ expectations of $25.12 billion. During the same period last year, the business earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.7 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. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

A number of equities analysts have commented on BAC shares. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial boosted their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. One investment 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 company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.