Arlington Trust Co LLC Boosts Holdings in Bank of America Co. (NYSE:BAC)

Arlington Trust Co LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,790 shares of the financial services provider’s stock after purchasing an additional 287 shares during the period. Arlington Trust Co LLC’s holdings in Bank of America were worth $474,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after purchasing an additional 1,731,003 shares during the last quarter. Sanders Capital LLC raised its stake in Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after purchasing an additional 59,853 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Bank of America by 1.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock worth $696,940,000 after buying an additional 285,117 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 0.7 %

BAC stock opened at $47.43 on Monday. The company has a market capitalization of $363.89 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business’s 50 day moving average price is $45.77 and its two-hundred day moving average price is $42.92. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 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 the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, analysts forecast 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 disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 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.