Vinva Investment Management Ltd Has $15.34 Million Stock Position in Bank of America Co. (NYSE:BAC)

Vinva Investment Management Ltd increased its stake in shares of Bank of America Co. (NYSE:BAC) by 17.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 349,243 shares of the financial services provider’s stock after buying an additional 53,033 shares during the period. Vinva Investment Management Ltd’s holdings in Bank of America were worth $15,335,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Swedbank AB lifted its position in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares in the last quarter. Principal Financial Group Inc. lifted its position in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares in the last quarter. Quest Partners LLC acquired a new position in Bank of America during the 3rd quarter worth about $1,516,000. Aviance Capital Partners LLC lifted its position in Bank of America by 1.5% during the 3rd quarter. Aviance Capital Partners LLC now owns 35,276 shares of the financial services provider’s stock worth $1,400,000 after buying an additional 508 shares in the last quarter. Finally, Tranquility Partners LLC raised its holdings in Bank of America by 2.3% during the 3rd quarter. Tranquility Partners LLC now owns 18,281 shares of the financial services provider’s stock worth $725,000 after purchasing an additional 411 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $41.61 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $316.37 billion, a P/E ratio of 12.92, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company’s 50 day moving average price is $45.02 and its two-hundred day moving average price is $43.78. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. On average, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.50%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analysts Set New Price Targets

Several brokerages have weighed in on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Truist Financial boosted their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.64.

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.