Bank of America Co. (NYSE:BAC) Shares Purchased by Sit Investment Associates Inc.

Sit Investment Associates Inc. lifted its holdings in Bank of America Co. (NYSE:BAC) by 75.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 228,315 shares of the financial services provider’s stock after acquiring an additional 98,319 shares during the period. Sit Investment Associates Inc.’s holdings in Bank of America were worth $10,034,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Aviva PLC lifted its position in Bank of America by 14.5% during the 4th quarter. Aviva PLC now owns 4,198,358 shares of the financial services provider’s stock worth $184,518,000 after acquiring an additional 531,148 shares in the last quarter. Oarsman Capital Inc. raised its stake in shares of Bank of America by 0.8% during the fourth quarter. Oarsman Capital Inc. now owns 44,781 shares of the financial services provider’s stock valued at $1,968,000 after purchasing an additional 367 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in shares of Bank of America during the fourth quarter worth $92,146,000. First Western Trust Bank purchased a new position in shares of Bank of America in the fourth quarter valued at $208,000. Finally, Prudential PLC grew its holdings in Bank of America by 2.4% during the 4th quarter. Prudential PLC now owns 602,588 shares of the financial services provider’s stock valued at $26,484,000 after purchasing an additional 14,139 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of analyst reports. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Robert W. Baird upgraded 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, March 7th. Truist Financial dropped their price objective on Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. Evercore ISI reduced their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Finally, Oppenheimer lifted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Stock Performance

BAC opened at $34.37 on Friday. The business has a 50 day moving average price of $43.74 and a two-hundred day moving average price of $43.91. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1-year low of $33.67 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during 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%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 earnings per share. Research 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 was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. Bank of America’s 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.