Chicago Capital LLC Buys 1,586 Shares of Bank of America Co. (NYSE:BAC)

Chicago Capital LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 11.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,509 shares of the financial services provider’s stock after purchasing an additional 1,586 shares during the quarter. Chicago Capital LLC’s holdings in Bank of America were worth $682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in BAC. Czech National Bank boosted its stake in shares of Bank of America by 6.0% in the 3rd quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock valued at $54,569,000 after purchasing an additional 78,376 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Bank of America by 14.5% during the third quarter. GAMMA Investing LLC now owns 94,287 shares of the financial services provider’s stock valued at $3,741,000 after buying an additional 11,909 shares during the last quarter. WealthBridge Capital Management LLC increased its holdings in shares of Bank of America by 22.9% in the third quarter. WealthBridge Capital Management LLC now owns 8,124 shares of the financial services provider’s stock worth $322,000 after buying an additional 1,515 shares during the period. Diversified Trust Co lifted its stake in shares of Bank of America by 34.8% in the 3rd quarter. Diversified Trust Co now owns 162,072 shares of the financial services provider’s stock valued at $6,431,000 after acquiring an additional 41,877 shares during the last quarter. Finally, Smith Anglin Financial LLC grew its position in Bank of America by 13.6% during the 3rd quarter. Smith Anglin Financial LLC now owns 13,007 shares of the financial services provider’s stock worth $516,000 after acquiring an additional 1,561 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BAC. Piper Sandler dropped their price objective on 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. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One equities 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

BAC stock opened at $46.23 on Tuesday. 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 firm has a market capitalization of $354.72 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.26 and a beta of 1.33. The firm has a 50 day moving average price of $45.83 and a 200-day moving average price of $42.77. 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 quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The company 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 $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.