Montag & Caldwell LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Montag & Caldwell LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,500 shares of the financial services provider’s stock, valued at approximately $66,000.

A number of other hedge funds have also recently made changes to their positions in BAC. Norges Bank bought a new stake in Bank of America during the 4th quarter valued at $5,226,989,000. Amundi increased its stake in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the period. Ontario Teachers Pension Plan Board raised its holdings in shares of Bank of America by 71,357.5% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 8,632,780 shares of the financial services provider’s stock valued at $379,411,000 after acquiring an additional 8,620,699 shares in the last quarter. Swedbank AB lifted its stake in Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares during the period. Finally, KBC Group NV increased its position in Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after purchasing an additional 5,493,817 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Truist Financial cut their price target on Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, April 4th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Finally, Barclays increased 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 report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Performance

NYSE BAC opened at $36.64 on Tuesday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a market capitalization of $278.57 billion, a P/E ratio of 11.38, a PEG ratio of 1.21 and a beta of 1.24. The stock has a 50-day simple moving average of $42.04 and a two-hundred day simple moving average of $43.70. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

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.