Bank of America Co. (NYSE:BAC) Shares Bought by Parkside Investments LLC

Parkside Investments LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 9.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,500 shares of the financial services provider’s stock after buying an additional 3,000 shares during the period. Parkside Investments LLC’s holdings in Bank of America were worth $1,209,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Bank of America by 0.6% during the third quarter. Vanguard Group Inc. now owns 602,457,736 shares of the financial services provider’s stock worth $18,194,222,000 after buying an additional 3,313,229 shares during the period. Price T Rowe Associates Inc. MD increased its position in Bank of America by 60.0% during the third quarter. Price T Rowe Associates Inc. MD now owns 103,645,596 shares of the financial services provider’s stock worth $3,130,177,000 after buying an additional 38,870,780 shares during the period. Legal & General Group Plc increased its position in Bank of America by 2.9% during the second quarter. Legal & General Group Plc now owns 52,475,574 shares of the financial services provider’s stock worth $1,633,568,000 after buying an additional 1,493,089 shares during the period. Dodge & Cox increased its holdings in shares of Bank of America by 3.5% in the second quarter. Dodge & Cox now owns 44,434,589 shares of the financial services provider’s stock valued at $1,383,249,000 after purchasing an additional 1,511,600 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock valued at $1,522,699,000 after purchasing an additional 603,512 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider Matthew M. Koder sold 105,054 shares of the business’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total value of $3,600,200.58. Following the completion of the transaction, the insider now directly owns 319,803 shares of the company’s stock, valued at $10,959,648.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Matthew M. Koder sold 214,745 shares of the business’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the transaction, the insider now directly owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Matthew M. Koder sold 105,054 shares of the business’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total value of $3,600,200.58. Following the completion of the transaction, the insider now directly owns 319,803 shares of the company’s stock, valued at $10,959,648.81. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BAC shares. Citigroup boosted their target price on Bank of America from $36.00 to $38.00 in a report on Tuesday, January 17th. Oppenheimer boosted their target price on Bank of America from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Thursday, February 2nd. Morgan Stanley dropped their target price on Bank of America from $38.00 to $37.00 and set an “equal weight” rating on the stock in a report on Thursday, December 15th. Piper Sandler lowered Bank of America from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $36.00 to $33.00 in a report on Tuesday, January 17th. Finally, Keefe, Bruyette & Woods lowered Bank of America from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $35.00 to $33.00 in a report on Wednesday, February 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $40.16.

Bank of America Stock Down 4.0 %

BAC opened at $27.82 on Friday. The business’s fifty day moving average is $34.02 and its two-hundred day moving average is $34.07. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.77 and a current ratio of 0.78. The company has a market cap of $222.67 billion, a price-to-earnings ratio of 8.72, a PEG ratio of 1.22 and a beta of 1.40. Bank of America Co. has a one year low of $27.62 and a one year high of $44.63.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Friday, January 13th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.09. The company had revenue of $24.50 billion for the quarter, compared to the consensus estimate of $24.17 billion. Bank of America had a return on equity of 11.41% and a net margin of 23.93%. Bank of America’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 earnings per share. Analysts anticipate that Bank of America Co. will post 3.38 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 3rd will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, March 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 3.16%. Bank of America’s payout ratio is 27.59%.

About Bank of America

(Get Rating)

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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