Raab & Moskowitz Asset Management LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Raab & Moskowitz Asset Management LLC raised its position in Bank of America Co. (NYSE:BAC) by 11.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 86,700 shares of the financial services provider’s stock after buying an additional 8,633 shares during the quarter. Bank of America comprises 0.9% of Raab & Moskowitz Asset Management LLC’s investment portfolio, making the stock its 29th biggest position. Raab & Moskowitz Asset Management LLC’s holdings in Bank of America were worth $3,810,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC lifted its position in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after acquiring an additional 1,731,003 shares during the period. Sanders Capital LLC lifted its holdings in shares of Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after acquiring an additional 601,211 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its position in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Bank of America by 1.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after purchasing an additional 285,117 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Finally, Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. One equities research 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.21 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $45.77 and its two-hundred day moving average is $43.00. The firm has a market capitalization of $354.56 billion, a P/E ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 52 week low of $32.35 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 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. 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.