Lincoln National Corp increased its stake in Bank of America Corp (NYSE:BAC) by 25.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 119,508 shares of the financial services provider’s stock after acquiring an additional 24,122 shares during the period. Lincoln National Corp’s holdings in Bank of America were worth $4,209,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in BAC. Capital Square LLC purchased a new stake in Bank of America during the fourth quarter valued at about $323,000. Bank OZK boosted its position in Bank of America by 10.4% during the fourth quarter. Bank OZK now owns 121,879 shares of the financial services provider’s stock valued at $4,293,000 after buying an additional 11,500 shares during the period. Keel Point LLC boosted its position in Bank of America by 13.8% during the fourth quarter. Keel Point LLC now owns 11,478 shares of the financial services provider’s stock valued at $404,000 after buying an additional 1,393 shares during the period. Intrust Bank NA boosted its position in Bank of America by 0.4% during the fourth quarter. Intrust Bank NA now owns 125,091 shares of the financial services provider’s stock valued at $4,406,000 after buying an additional 549 shares during the period. Finally, Waldron Private Wealth LLC raised its stake in shares of Bank of America by 4.3% during the fourth quarter. Waldron Private Wealth LLC now owns 25,622 shares of the financial services provider’s stock valued at $902,000 after acquiring an additional 1,045 shares during the last quarter. Institutional investors own 68.90% of the company’s stock.
Several equities analysts have recently commented on the stock. Morgan Stanley reaffirmed a “buy” rating and set a $38.00 price objective (up from $35.00) on shares of Bank of America in a research note on Monday, November 18th. Citigroup upped their price objective on shares of Bank of America from $29.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Odeon Capital Group raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. BMO Capital Markets downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective for the company. in a research note on Thursday, January 2nd. Finally, Argus reaffirmed a “buy” rating and set a $39.00 price objective (up from $35.00) on shares of Bank of America in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $35.29.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. The business had revenue of $22.30 billion for the quarter, compared to analysts’ expectations of $22.30 billion. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 earnings per share. Research analysts expect that Bank of America Corp will post 3.05 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, March 5th. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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