Argentarii LLC Buys Shares of 5,322 Bank of America Co. (NYSE:BAC)

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OFI Invest Asset Management acquired a new position in shares of Bank of America in the fourth quarter worth approximately $60,679,000. Arizona State Retirement System increased its holdings in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Accent Capital Management LLC increased its holdings in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Keybank National Association OH grew its holdings in Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after buying an additional 38,258 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Bank of America by 1.2% during the third 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. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Evercore ISI dropped their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Trading Down 0.2 %

Shares of Bank of America stock opened at $41.39 on Monday. The stock has a market cap of $314.72 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.21 and a beta of 1.32. The stock’s 50 day simple moving average is $45.61 and its 200-day simple moving average is $43.75. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its quarterly 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 in the prior year, the firm earned $0.70 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Friday, March 7th. 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.