Generali Investments Towarzystwo Funduszy Inwestycyjnych Has $2.25 Million Stock Position in Bank of America Co. (NYSE:BAC)

Generali Investments Towarzystwo Funduszy Inwestycyjnych reduced its position in Bank of America Co. (NYSE:BAC) by 1.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 51,279 shares of the financial services provider’s stock after selling 500 shares during the period. Bank of America accounts for approximately 1.3% of Generali Investments Towarzystwo Funduszy Inwestycyjnych’s investment portfolio, making the stock its 23rd largest holding. Generali Investments Towarzystwo Funduszy Inwestycyjnych’s holdings in Bank of America were worth $2,254,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. HC Advisors LLC increased its stake in shares of Bank of America by 15.3% in the 4th quarter. HC Advisors LLC now owns 10,104 shares of the financial services provider’s stock valued at $444,000 after buying an additional 1,339 shares during the period. QRG Capital Management Inc. boosted its position in shares of Bank of America by 3.9% in the 4th quarter. QRG Capital Management Inc. now owns 932,015 shares of the financial services provider’s stock worth $40,962,000 after purchasing an additional 35,212 shares during the last quarter. Alphinity Investment Management Pty Ltd boosted its position in shares of Bank of America by 4.5% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 24,261,854 shares of the financial services provider’s stock worth $1,066,308,000 after purchasing an additional 1,051,262 shares during the last quarter. First Command Advisory Services Inc. boosted its position in shares of Bank of America by 8.5% in the 4th quarter. First Command Advisory Services Inc. now owns 25,657 shares of the financial services provider’s stock worth $1,128,000 after purchasing an additional 2,019 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt bought a new position in shares of Bank of America in the 4th quarter worth $186,916,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $44.17 on Friday. The firm has a market cap of $338.87 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The stock’s 50-day moving average is $45.74 and its 200-day moving average is $43.50. Bank of America Co. has a one year low of $34.03 and a one year high of $48.08. 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 issued 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 earnings per share. Equities 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 business also recently announced 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 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BAC. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average 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.