Allianz SE Invests $14.28 Million in Bank of America Co. (NYSE:BAC)

Allianz SE bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 325,244 shares of the financial services provider’s stock, valued at approximately $14,282,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the 4th quarter worth about $60,679,000. Arizona State Retirement System boosted its stake in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH increased its holdings in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after buying an additional 297,858 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Trading Down 3.1 %

NYSE:BAC opened at $41.24 on Friday. The firm has a market capitalization of $313.50 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. 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 company has a fifty day moving average of $44.45 and a 200 day moving average of $43.86.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.52%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Bank of America 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.