Twin Capital Management Inc. Buys 1,231 Shares of Bank of America Co. (NYSE:BAC)

Twin Capital Management Inc. lifted its position in Bank of America Co. (NYSE:BAC) by 1.1% during the 4th quarter, Holdings Channel reports. The firm owned 114,206 shares of the financial services provider’s stock after buying an additional 1,231 shares during the quarter. Twin Capital Management Inc.’s holdings in Bank of America were worth $5,019,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the fourth quarter valued at about $60,679,000. Arizona State Retirement System grew its holdings in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares during the last quarter. Keybank National Association OH increased its position in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 0.7% during the fourth 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 purchasing an additional 297,858 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Truist Financial reduced their target price on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Down 7.7 %

Shares of Bank of America stock opened at $34.37 on Monday. Bank of America Co. has a 52-week low of $32.70 and a 52-week 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 business’s 50 day simple moving average is $43.74 and its 200 day simple moving average is $43.94. The firm has a market cap of $261.32 billion, a PE ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.70 earnings per share. On average, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 3.03%. Bank of America’s 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.