Bank of America Co. (NYSE:BAC) is ING Groep NV’s 9th Largest Position

ING Groep NV reduced its position in Bank of America Co. (NYSE:BAC) by 0.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,847,238 shares of the financial services provider’s stock after selling 41,094 shares during the quarter. Bank of America makes up about 2.0% of ING Groep NV’s holdings, making the stock its 9th largest position. ING Groep NV owned about 0.09% of Bank of America worth $300,936,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of BAC. Accent Capital Management LLC grew its position in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments grew its position in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% during the third 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 buying an additional 1,700,141 shares during the period. Clarendon Private LLC bought a new stake in Bank of America during the fourth quarter valued at $798,000. Finally, Baker Avenue Asset Management LP boosted its stake in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $46.03 on Thursday. The firm has a market capitalization of $353.14 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a fifty day moving average of $45.79 and a 200 day moving average of $43.25. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for 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 firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. As a group, research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Truist Financial lifted their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.