Channing Global Advisors LLC Boosts Stock Holdings in Bank of America Co. (NYSE:BAC)

Channing Global Advisors LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 43.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 59,872 shares of the financial services provider’s stock after buying an additional 18,034 shares during the period. Bank of America comprises 1.8% of Channing Global Advisors LLC’s portfolio, making the stock its 19th biggest holding. Channing Global Advisors LLC’s holdings in Bank of America were worth $2,631,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Two Sigma Advisers LP boosted its holdings in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB lifted its holdings in Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. KBC Group NV lifted its holdings in Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after acquiring an additional 5,015,378 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Up 0.3 %

Bank of America stock opened at $46.80 on Wednesday. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The stock’s fifty day simple moving average is $45.77 and its 200-day simple moving average is $43.00. 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 firm has a market capitalization of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for 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%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. As a group, equities analysts expect that Bank of America Co. will post 3.69 earnings per share 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 2.22%. 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.