Giverny Capital Inc. Has $43.99 Million Stock Position in Bank of America Co. (NYSE:BAC)

Giverny Capital Inc. increased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,000,978 shares of the financial services provider’s stock after purchasing an additional 10,930 shares during the period. Bank of America makes up approximately 1.6% of Giverny Capital Inc.’s investment portfolio, making the stock its 24th largest holding. Giverny Capital Inc.’s holdings in Bank of America were worth $43,993,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Bank of America during the 4th quarter worth approximately $5,226,989,000. Amundi increased its stake in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Swedbank AB raised its holdings in Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after purchasing an additional 5,733,810 shares during the period. KBC Group NV boosted its position in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after purchasing an additional 5,493,817 shares in the last quarter. Finally, APG Asset Management N.V. grew its holdings in shares of Bank of America by 381.9% in the 4th quarter. APG Asset Management N.V. now owns 6,758,370 shares of the financial services provider’s stock valued at $286,847,000 after buying an additional 5,355,962 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $35.93 on Friday. The business’s fifty day simple moving average is $42.25 and its 200 day simple moving average is $43.69. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The firm has a market capitalization of $273.20 billion, a P/E ratio of 11.16, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.70 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Citigroup cut their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Finally, Truist Financial lowered their price objective on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, April 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.31.

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.