Walker Asset Management LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC – Get Rating) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,129 shares of the financial services provider’s stock, valued at approximately $211,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Bank of America during the 4th quarter valued at $3,938,246,000. Renaissance Technologies LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $234,465,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $139,410,000. Alphinity Investment Management Pty Ltd raised its stake in shares of Bank of America by 61.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 6,603,669 shares of the financial services provider’s stock valued at $293,797,000 after buying an additional 2,523,486 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Bank of America by 16.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 16,104,424 shares of the financial services provider’s stock valued at $717,144,000 after buying an additional 2,232,964 shares in the last quarter. 70.46% of the stock is owned by institutional investors and hedge funds.
BAC stock traded down $0.53 during mid-day trading on Thursday, hitting $32.07. 420,531 shares of the company were exchanged, compared to its average volume of 43,987,948. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $258.38 billion, a P/E ratio of 9.31, a P/E/G ratio of 1.40 and a beta of 1.38. The firm’s 50 day simple moving average is $35.77 and its 200 day simple moving average is $41.44. Bank of America Co. has a 1-year low of $30.86 and a 1-year high of $50.11.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $0.84 annualized dividend and a dividend yield of 2.62%. Bank of America’s dividend payout ratio is presently 24.00%.
Several equities research analysts have recently weighed in on the stock. Robert W. Baird raised shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 target price on the stock in a report on Tuesday, March 8th. Morgan Stanley raised shares of Bank of America from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $51.00 to $49.00 in a report on Monday, March 28th. Royal Bank of Canada lowered their target price on shares of Bank of America from $51.00 to $45.00 in a report on Tuesday, June 14th. Piper Sandler lowered their target price on shares of Bank of America from $57.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. Finally, The Goldman Sachs Group decreased their price objective on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.10.
About Bank of America (Get Rating)
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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