Carlson Capital L.P. Invests $3.29 Million in Bank of America Co. (NYSE:BAC)

Carlson Capital L.P. purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The firm purchased 74,900 shares of the financial services provider’s stock, valued at approximately $3,292,000. Bank of America makes up about 1.9% of Carlson Capital L.P.’s portfolio, making the stock its 3rd biggest position.

Other institutional investors have also added to or reduced their stakes in the company. Two Sigma Advisers LP grew its stake in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB grew its position in shares of Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after buying an additional 5,733,810 shares during the last quarter. KBC Group NV increased its stake in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after buying an additional 5,493,817 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after acquiring an additional 5,015,378 shares in the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in Bank of America in the third quarter worth $174,858,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $43.96 on Thursday. The firm’s 50 day moving average price is $45.72 and its 200-day moving average price is $43.50. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $337.28 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. Bank of America Co. has a twelve month low of $33.71 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research 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. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Bank of America Company 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.