Aviva PLC Has $184.52 Million Holdings in Bank of America Co. (NYSE:BAC)

Aviva PLC boosted its stake in Bank of America Co. (NYSE:BAC) by 14.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,198,358 shares of the financial services provider’s stock after purchasing an additional 531,148 shares during the quarter. Aviva PLC owned about 0.05% of Bank of America worth $184,518,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after acquiring an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in Bank of America in the fourth quarter worth $60,679,000. Arizona State Retirement System boosted its position in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Keybank National Association OH grew its holdings in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after buying an additional 297,858 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. JPMorgan Chase & Co. reduced their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Barclays lifted their price target on shares of 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, Piper Sandler lowered their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Trading Down 7.7 %

Shares of Bank of America stock opened at $34.37 on Friday. Bank of America Co. has a 12-month low of $33.67 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $43.74 and its 200-day moving average is $43.88. The stock has a market cap of $261.32 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32.

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 analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.70 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.