Atlantic Union Bankshares Corp Grows Stake in Bank of America Co. (NYSE:BAC)

Atlantic Union Bankshares Corp increased its stake in Bank of America Co. (NYSE:BAC) by 2.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 300,777 shares of the financial services provider’s stock after acquiring an additional 6,131 shares during the period. Atlantic Union Bankshares Corp’s holdings in Bank of America were worth $13,219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Geode Capital Management LLC boosted its holdings in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after buying an additional 2,806,927 shares during the period. Fisher Asset Management LLC boosted its position in Bank of America by 3.7% during the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after buying an additional 1,671,610 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after buying an additional 297,858 shares during the period. Finally, Amundi boosted its position in Bank of America by 37.1% during the 4th 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. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.2 %

Shares of NYSE BAC opened at $41.39 on Friday. The firm’s 50 day moving average price is $45.61 and its 200-day moving average price is $43.68. The company has a market cap of $314.72 billion, a PE ratio of 12.85, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. 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 issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 earnings per share. On average, equities research analysts expect that Bank of America Co. will post 3.7 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. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Evercore ISI dropped their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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.