OFI Invest Asset Management Makes New $60.68 Million Investment in Bank of America Co. (NYSE:BAC)

OFI Invest Asset Management acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The fund acquired 1,429,651 shares of the financial services provider’s stock, valued at approximately $60,679,000. Bank of America comprises 1.4% of OFI Invest Asset Management’s investment portfolio, making the stock its 15th largest position.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Swedbank AB raised its stake in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Bank of America by 120.2% during the 3rd quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock worth $814,000 after buying an additional 10,497 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares in the last quarter. Olympiad Research LP purchased a new position in shares of Bank of America during the 3rd quarter worth approximately $234,000. Finally, Consolidated Planning Corp raised its stake in shares of Bank of America by 6.5% during the 3rd quarter. Consolidated Planning Corp now owns 7,866 shares of the financial services provider’s stock worth $312,000 after buying an additional 479 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research note on Friday. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Finally, Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Price Performance

Shares of Bank of America stock opened at $41.39 on Friday. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The stock has a market capitalization of $314.72 billion, a P/E ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s fifty day moving average price is $45.61 and its 200 day moving average price is $43.72.

Bank of America (NYSE:BAC) last issued its earnings results 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid 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 of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

About Bank of America

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.