Charles Schwab Investment Management Inc. Purchases 297,858 Shares of Bank of America Co. (NYSE:BAC)

Charles Schwab Investment Management Inc. boosted its position in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the fourth quarter, Holdings Channel reports. The firm owned 42,929,896 shares of the financial services provider’s stock after purchasing an additional 297,858 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Bank of America were worth $1,886,769,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Swedbank AB lifted its stake in Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in Bank of America by 1.3% during the third quarter. Harbor Capital Advisors Inc. now owns 146,204 shares of the financial services provider’s stock worth $5,801,000 after acquiring an additional 1,866 shares in the last quarter. Confluence Wealth Services Inc. raised its position in Bank of America by 4.8% during the third quarter. Confluence Wealth Services Inc. now owns 20,999 shares of the financial services provider’s stock worth $833,000 after acquiring an additional 959 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Bank of America by 120.2% in the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after purchasing an additional 10,497 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Bank of America by 24.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 9,397,955 shares of the financial services provider’s stock valued at $372,911,000 after purchasing an additional 1,816,804 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research reports. Truist Financial upped 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 note on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

NYSE BAC opened at $45.51 on Tuesday. The stock has a market capitalization of $346.09 billion, a PE ratio of 14.13, a P/E/G ratio of 1.21 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 50 day simple moving average of $45.81 and a two-hundred day simple moving average of $43.67. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08.

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 (EPS) 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 analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.70 EPS. On average, research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company 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 $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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.