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

Generate Investment Management Ltd lifted its stake in Bank of America Co. (NYSE:BAC) by 219.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 648,340 shares of the financial services provider’s stock after acquiring an additional 445,304 shares during the quarter. Bank of America makes up approximately 2.0% of Generate Investment Management Ltd’s investment portfolio, making the stock its 12th largest position. Generate Investment Management Ltd’s holdings in Bank of America were worth $28,495,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kennebec Savings Bank acquired a new position in Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc increased its holdings in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America in the 4th quarter valued at $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the 3rd quarter valued at $45,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of BAC stock opened at $47.74 on Friday. 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 Co. has a one year low of $32.35 and a one year high of $48.08. The business’s 50 day simple moving average is $45.77 and its 200 day simple moving average is $42.88. The stock has a market capitalization of $366.33 billion, a PE ratio of 14.83, a PEG ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the business posted $0.70 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

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

About Bank of America

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.