Alphinity Investment Management Pty Ltd Grows Stake in Bank of America Co. (NYSE:BAC)

Alphinity Investment Management Pty Ltd grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 24,261,854 shares of the financial services provider’s stock after buying an additional 1,051,262 shares during the period. Bank of America accounts for 5.8% of Alphinity Investment Management Pty Ltd’s portfolio, making the stock its 4th largest position. Alphinity Investment Management Pty Ltd’s holdings in Bank of America were worth $1,066,308,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of BAC. Collier Financial purchased a new position in Bank of America in the fourth quarter valued at about $25,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter valued at about $29,000. Highline Wealth Partners LLC increased its holdings in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America during the fourth quarter valued at about $42,000. Finally, POM Investment Strategies LLC increased its holdings in shares of Bank of America by 1,306.5% during the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,006 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.0 %

Shares of BAC stock opened at $43.96 on Thursday. The stock’s fifty day moving average is $45.72 and its two-hundred day moving average is $43.50. 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 firm has a market capitalization of $337.28 billion, a P/E ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $33.71 and a fifty-two week 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 analysts’ consensus estimates of $0.77 by $0.05. The company 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%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.37%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BAC. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.