Bank of America Co. (NYSE:BAC) Shares Purchased by ST Germain D J Co. Inc.

ST Germain D J Co. Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 19.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,846 shares of the financial services provider’s stock after purchasing an additional 1,581 shares during the quarter. ST Germain D J Co. Inc.’s holdings in Bank of America were worth $433,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Two Sigma Advisers LP boosted its holdings in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares during the period. 1832 Asset Management L.P. boosted its holdings in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the period. International Assets Investment Management LLC boosted its holdings in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. purchased a new position in Bank of America in the 3rd quarter worth approximately $174,858,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial initiated coverage on Bank of America in a research note on Tuesday. They set a “buy” rating and a $52.00 target price for the company. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.14 on Friday. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s fifty day moving average price is $45.53 and its two-hundred day moving average price is $42.18. The firm has a market capitalization of $346.35 billion, a PE ratio of 16.41, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.30%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by corporate insiders.

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.