Banco Santander S.A. Raises Stake in Bank of America Corp (NYSE:BAC)

Banco Santander S.A. increased its holdings in Bank of America Corp (NYSE:BAC) by 78.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 406,673 shares of the financial services provider’s stock after buying an additional 178,309 shares during the period. Banco Santander S.A.’s holdings in Bank of America were worth $8,635,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Americana Partners LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $476,000. Capital Square LLC bought a new position in shares of Bank of America in the 4th quarter valued at approximately $323,000. NS Partners Ltd raised its stake in shares of Bank of America by 2.6% in the 4th quarter. NS Partners Ltd now owns 434,527 shares of the financial services provider’s stock valued at $15,304,000 after acquiring an additional 10,812 shares in the last quarter. Loews Corp raised its stake in shares of Bank of America by 1.9% in the 4th quarter. Loews Corp now owns 333,941 shares of the financial services provider’s stock valued at $11,761,000 after acquiring an additional 6,360 shares in the last quarter. Finally, Altavista Wealth Management Inc. raised its stake in shares of Bank of America by 1.2% in the 4th quarter. Altavista Wealth Management Inc. now owns 65,314 shares of the financial services provider’s stock valued at $2,300,000 after acquiring an additional 775 shares in the last quarter. Institutional investors and hedge funds own 70.08% of the company’s stock.

Shares of NYSE:BAC traded down $0.24 during trading on Friday, hitting $22.66. 48,083,035 shares of the stock were exchanged, compared to its average volume of 63,654,284. Bank of America Corp has a 1-year low of $17.95 and a 1-year high of $35.72. The company has a market capitalization of $198.67 billion, a price-to-earnings ratio of 9.29, a price-to-earnings-growth ratio of 2.22 and a beta of 1.60. The company’s fifty day simple moving average is $22.58 and its 200-day simple moving average is $29.41. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.20). Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The firm had revenue of $22.77 billion for the quarter, compared to analyst estimates of $22.58 billion. During the same period in the previous year, the business posted $0.70 EPS. Bank of America’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, research analysts forecast that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.18%. The ex-dividend date is Thursday, June 4th. Bank of America’s dividend payout ratio is 24.49%.

BAC has been the topic of a number of recent analyst reports. Societe Generale raised Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Piper Sandler cut their price objective on Bank of America from $40.00 to $27.00 and set an “overweight” rating on the stock in a research note on Friday, April 3rd. Wells Fargo & Co lowered their target price on Bank of America from $36.00 to $32.00 and set an “overweight” rating on the stock in a report on Wednesday, April 1st. TheStreet lowered Bank of America from a “b-” rating to a “c” rating in a report on Wednesday, March 25th. Finally, DA Davidson raised their target price on Bank of America from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $29.74.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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