TCW Group Inc. Purchases 1,301 Shares of Bank of America Co. (NYSE:BAC)

TCW Group Inc. lifted its holdings in Bank of America Co. (NYSE:BAC) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 93,594 shares of the financial services provider’s stock after purchasing an additional 1,301 shares during the period. TCW Group Inc.’s holdings in Bank of America were worth $4,113,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Accent Capital Management LLC lifted its holdings in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the last quarter. Summit Global Investments increased its position in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares during the period. Geode Capital Management LLC raised its stake 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 purchasing an additional 1,700,141 shares during the last quarter. Clarendon Private LLC bought a new stake in Bank of America in the 4th quarter valued at $798,000. Finally, Baker Avenue Asset Management LP grew its position in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.1 %

BAC stock opened at $44.80 on Monday. 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 stock has a market capitalization of $343.71 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 1.22 and a beta of 1.33. The business has a fifty day moving average price of $45.75 and a 200 day moving average price of $43.41. Bank of America Co. has a fifty-two week low of $33.37 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the business posted $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Truist Financial lifted their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Company Profile

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.