Generate Investment Management Ltd Has $28.50 Million Holdings in Bank of America Co. (NYSE:BAC)

Generate Investment Management Ltd lifted its position in shares of Bank of America Co. (NYSE:BAC) by 219.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 648,340 shares of the financial services provider’s stock after purchasing an additional 445,304 shares during the quarter. Bank of America accounts for 2.0% of Generate Investment Management Ltd’s investment portfolio, making the stock its 12th largest holding. Generate Investment Management Ltd’s holdings in Bank of America were worth $28,495,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Hoxton Planning & Management LLC boosted its position in shares of Bank of America by 6.7% during the third quarter. Hoxton Planning & Management LLC now owns 6,427 shares of the financial services provider’s stock valued at $255,000 after buying an additional 402 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its stake in shares of Bank of America by 22.6% in the 3rd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 9,564 shares of the financial services provider’s stock worth $380,000 after acquiring an additional 1,761 shares in the last quarter. Daymark Wealth Partners LLC lifted its position in shares of Bank of America by 10.2% during the third quarter. Daymark Wealth Partners LLC now owns 55,528 shares of the financial services provider’s stock valued at $2,203,000 after purchasing an additional 5,152 shares in the last quarter. Abner Herrman & Brock LLC boosted its holdings in Bank of America by 4.5% during the third quarter. Abner Herrman & Brock LLC now owns 396,662 shares of the financial services provider’s stock worth $15,740,000 after purchasing an additional 16,909 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its position in Bank of America by 6.3% in the 3rd quarter. Hexagon Capital Partners LLC now owns 59,056 shares of the financial services provider’s stock worth $2,343,000 after purchasing an additional 3,503 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.3 %

Shares of NYSE:BAC opened at $47.74 on Friday. The company has a market cap of $366.33 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.26 and a beta of 1.33. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The firm has a fifty day moving average price of $45.77 and a two-hundred day moving average price of $42.88. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BAC shares. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Piper Sandler reduced their target price 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. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. 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 report on Tuesday, December 3rd. Finally, Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. One 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.