US Bancorp DE Raises Stock Holdings in Bank of America Co. (NYSE:BAC)


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US Bancorp DE raised its position in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,991,098 shares of the financial services provider’s stock after acquiring an additional 185,524 shares during the period. US Bancorp DE owned approximately 0.09% of Bank of America worth $309,175,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC raised its holdings in shares of Bank of America by 9.2% during the 4th quarter. FMR LLC now owns 196,924,593 shares of the financial services provider’s stock worth $5,968,784,000 after acquiring an additional 16,517,775 shares in the last quarter. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $2,901,869,000. Nuveen Asset Management LLC raised its holdings in shares of Bank of America by 7.0% during the 4th quarter. Nuveen Asset Management LLC now owns 49,052,067 shares of the financial services provider’s stock worth $1,486,768,000 after acquiring an additional 3,226,700 shares in the last quarter. Primecap Management Co. CA raised its holdings in shares of Bank of America by 3.6% during the 4th quarter. Primecap Management Co. CA now owns 40,851,261 shares of the financial services provider’s stock worth $1,238,202,000 after acquiring an additional 1,418,300 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Bank of America by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 38,005,736 shares of the financial services provider’s stock valued at $1,151,954,000 after buying an additional 1,376,222 shares during the period. 68.10% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE BAC traded down $0.34 during mid-day trading on Tuesday, reaching $40.22. 787,111 shares of the company were exchanged, compared to its average volume of 54,064,039. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. The stock has a market cap of $346.99 billion, a price-to-earnings ratio of 20.08, a P/E/G ratio of 2.13 and a beta of 1.59. Bank of America Co. has a 1 year low of $20.10 and a 1 year high of $41.13. The firm has a 50-day moving average of $39.07 and a 200 day moving average of $32.43.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.21. The firm had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.67 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. On average, equities analysts forecast that Bank of America Co. will post 1.84 earnings per share for the current year.

Bank of America announced that its board has approved a share repurchase plan on Tuesday, January 19th that allows the company to repurchase $2.90 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Thursday, June 3rd. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.

Several analysts recently weighed in on BAC shares. Royal Bank of Canada increased their price target on Bank of America from $37.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, April 16th. Credit Suisse Group increased their price target on Bank of America from $36.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, January 20th. UBS Group set a $30.00 price target on Bank of America and gave the company a “neutral” rating in a report on Tuesday, January 19th. Piper Sandler increased their price target on Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, January 11th. Finally, JPMorgan Chase & Co. upped their price objective on Bank of America from $40.50 to $43.50 and gave the company an “overweight” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Bank of America presently has a consensus rating of “Buy” and an average price target of $38.26.

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. 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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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