Callan Family Office LLC Increases Stake in Bank of America Co. (NYSE:BAC)

Callan Family Office LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 142.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 197,858 shares of the financial services provider’s stock after acquiring an additional 116,340 shares during the quarter. Callan Family Office LLC’s holdings in Bank of America were worth $8,696,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.2% during 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 acquiring an additional 1,700,141 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Bank of America by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after purchasing an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC lifted its position in Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after purchasing an additional 1,671,610 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 0.7% in the 4th 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. Finally, Alphinity Investment Management Pty Ltd increased its holdings in shares of Bank of America by 4.5% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 24,261,854 shares of the financial services provider’s stock worth $1,066,308,000 after buying an additional 1,051,262 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Truist Financial increased 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. Piper Sandler cut their price objective on shares of 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. Finally, 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of BAC stock opened at $41.36 on Friday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company’s 50 day moving average is $45.67 and its 200 day moving average is $43.67. The firm has a market cap of $314.49 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.21 and a beta of 1.33. 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 (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the firm earned $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. Bank of America’s dividend payout ratio 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.