Mediolanum International Funds Ltd Boosts Stock Holdings in Bank of America Co. (NYSE:BAC)

Mediolanum International Funds Ltd increased its position in Bank of America Co. (NYSE:BAC) by 46.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,239,536 shares of the financial services provider’s stock after acquiring an additional 391,680 shares during the period. Bank of America comprises approximately 0.7% of Mediolanum International Funds Ltd’s holdings, making the stock its 25th largest position. Mediolanum International Funds Ltd’s holdings in Bank of America were worth $54,294,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after buying an additional 1,731,003 shares during the last quarter. Sanders Capital LLC boosted its stake in Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after buying an additional 601,211 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after acquiring an additional 59,853 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on BAC shares. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI reduced their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 0.1 %

NYSE:BAC opened at $46.68 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company’s fifty day moving average price is $45.85 and its 200-day moving average price is $42.73. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The firm has a market capitalization of $358.19 billion, a P/E ratio of 14.50, a PEG ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. As a group, equities research analysts anticipate that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

The company 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 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 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.