OVERSEA CHINESE BANKING Corp Ltd Buys 16,106 Shares of Bank of America Co. (NYSE:BAC)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 140.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,593 shares of the financial services provider’s stock after purchasing an additional 16,106 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Bank of America were worth $1,218,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in BAC. Collier Financial bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc boosted its position in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Fairway Wealth LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% in 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 during the period. Finally, Mascoma Wealth Management LLC boosted its position in shares of Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $42.24 on Thursday. The stock’s fifty day moving average is $44.94 and its 200-day moving average is $43.77. 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 stock has a market capitalization of $321.10 billion, a PE ratio of 13.12, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The company 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 business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.