Alberta Investment Management Corp Acquires 5,000 Shares of Bank of America Co. (NYSE:BAC)

Alberta Investment Management Corp boosted its stake in Bank of America Co. (NYSE:BAC) by 30.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,400 shares of the financial services provider’s stock after buying an additional 5,000 shares during the quarter. Alberta Investment Management Corp’s holdings in Bank of America were worth $941,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Collier Financial purchased a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Life Planning Partners Inc lifted its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC grew its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $42,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $44.80 on Friday. The firm has a 50 day moving average of $45.75 and a 200-day moving average of $43.32. The firm has a market capitalization of $343.71 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 12 month low of $33.37 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during 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 business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.69 earnings per share 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. Shareholders of record on Friday, March 7th will be paid 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 2.32%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. One research 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America 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.