Shorepath Capital Management LLC Acquires New Shares in Bank of America Co. (NYSE:BAC)

Shorepath Capital Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 277,199 shares of the financial services provider’s stock, valued at approximately $9,333,000. Bank of America comprises approximately 8.3% of Shorepath Capital Management LLC’s investment portfolio, making the stock its 2nd biggest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Norges Bank acquired a new position in Bank of America in the fourth quarter valued at about $3,734,407,000. Price T Rowe Associates Inc. MD grew its stake in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Northern Trust Corp grew its stake in Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after acquiring an additional 1,397,469 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after acquiring an additional 1,315,056 shares during the period. Finally, Parnassus Investments LLC grew its stake in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.1 %

BAC traded down $0.02 on Friday, hitting $39.24. 32,347,866 shares of the company were exchanged, compared to its average volume of 33,762,496. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s fifty day moving average is $38.23 and its 200-day moving average is $35.43. The company has a market cap of $306.87 billion, a PE ratio of 13.58, a PEG ratio of 1.74 and a beta of 1.36. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.19.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.45%. Bank of America’s dividend payout ratio is 33.22%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Piper Sandler upped their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. Evercore ISI upped their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $37.00 to $46.00 in a research report on Friday. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average price target of $39.79.

About Bank of America

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.