OLD National Bancorp IN Purchases 2,305 Shares of Bank of America Co. (NYSE:BAC)

OLD National Bancorp IN boosted its position in shares of Bank of America Co. (NYSE:BAC) by 3.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 68,721 shares of the financial services provider’s stock after purchasing an additional 2,305 shares during the period. OLD National Bancorp IN’s holdings in Bank of America were worth $3,020,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BAC. American Trust raised its stake in shares of Bank of America by 4.7% in the second quarter. American Trust now owns 10,529 shares of the financial services provider’s stock worth $419,000 after acquiring an additional 470 shares during the last quarter. Anchor Investment Management LLC raised its stake in shares of Bank of America by 10.5% in the second quarter. Anchor Investment Management LLC now owns 100,678 shares of the financial services provider’s stock worth $4,004,000 after acquiring an additional 9,604 shares during the last quarter. Mattson Financial Services LLC bought a new position in shares of Bank of America in the second quarter worth about $2,902,000. Trust Co. of Toledo NA OH raised its stake in shares of Bank of America by 3.2% in the third quarter. Trust Co. of Toledo NA OH now owns 13,288 shares of the financial services provider’s stock worth $527,000 after acquiring an additional 417 shares during the last quarter. Finally, Czech National Bank raised its stake in shares of Bank of America by 6.0% in the third quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock worth $54,569,000 after acquiring an additional 78,376 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $46.68 on Friday. The firm has a market capitalization of $358.19 billion, a PE ratio of 14.50, a PEG ratio of 1.27 and a beta of 1.33. The company’s 50-day moving average is $45.85 and its 200-day moving average is $42.73. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. Piper Sandler dropped their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.