187,990 Shares in Bank of America Co. (NYSE:BAC) Acquired by Hardman Johnston Global Advisors LLC

Hardman Johnston Global Advisors LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, HoldingsChannel reports. The fund bought 187,990 shares of the financial services provider’s stock, valued at approximately $8,262,000.

A number of other large investors have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in 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 valued at $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after buying an additional 1,731,003 shares during the period. Sanders Capital LLC raised its position in shares of Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares during the period. Diamond Hill Capital Management Inc. raised its position in Bank of America by 0.4% in the third 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 purchasing an additional 59,853 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Bank of America by 1.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after purchasing an additional 285,117 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler cut their price objective on 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. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 1.1 %

NYSE BAC opened at $44.80 on Monday. Bank of America Co. has a twelve month low of $33.37 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. The firm’s 50 day moving average price is $45.75 and its two-hundred day moving average price is $43.41.

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 (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 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.