17,198 Shares in Bank of America Co. (NYSE:BAC) Bought by Polymer Capital Management US LLC

Polymer Capital Management US LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,198 shares of the financial services provider’s stock, valued at approximately $756,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Sierra Summit Advisors LLC lifted its stake in shares of Bank of America by 16.1% in the fourth quarter. Sierra Summit Advisors LLC now owns 28,411 shares of the financial services provider’s stock valued at $1,249,000 after buying an additional 3,945 shares during the period. Federated Hermes Inc. raised its holdings in Bank of America by 27.0% in the 4th quarter. Federated Hermes Inc. now owns 5,085,640 shares of the financial services provider’s stock valued at $223,514,000 after acquiring an additional 1,080,789 shares in the last quarter. Titleist Asset Management LLC lifted its position in shares of Bank of America by 1.6% in the 4th quarter. Titleist Asset Management LLC now owns 26,352 shares of the financial services provider’s stock worth $1,158,000 after acquiring an additional 427 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Bank of America by 0.7% during the 4th quarter. Quadrant Capital Group LLC now owns 85,298 shares of the financial services provider’s stock worth $3,749,000 after purchasing an additional 591 shares in the last quarter. Finally, Ilmarinen Mutual Pension Insurance Co increased its position in shares of Bank of America by 61.9% during the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 971,620 shares of the financial services provider’s stock valued at $42,703,000 after purchasing an additional 371,500 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Truist Financial lowered 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. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Citigroup cut their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Down 7.7 %

NYSE BAC opened at $34.37 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52 week low of $32.70 and a 52 week high of $48.08. The stock has a market capitalization of $261.32 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock has a fifty day moving average of $43.74 and a 200-day moving average of $43.94.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business earned $0.70 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend 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.