Argentarii LLC Acquires New Position in Bank of America Co. (NYSE:BAC)

Argentarii LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,322 shares of the financial services provider’s stock, valued at approximately $234,000.

A number of other hedge funds also recently added to or reduced their stakes in BAC. Amundi grew its stake in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Two Sigma Advisers LP grew its stake in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares during the period. Swedbank AB boosted its holdings 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 valued at $561,513,000 after purchasing an additional 5,733,810 shares during the last quarter. KBC Group NV boosted its holdings in shares of Bank of America by 130.9% in the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after purchasing an additional 5,493,817 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Bank of America by 193.4% in the 3rd 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 purchasing an additional 5,015,378 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BAC shares. Evercore ISI reduced their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Price Performance

Shares of NYSE:BAC opened at $41.39 on Monday. The company has a 50-day moving average price of $45.61 and a two-hundred day moving average price of $43.75. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The firm has a market capitalization of $314.72 billion, a PE ratio of 12.85, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm posted $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 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.