Nearwater Capital Markets Ltd Takes $83.95 Million Position in Bank of America Co. (NYSE:BAC)

Nearwater Capital Markets Ltd acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,910,102 shares of the financial services provider’s stock, valued at approximately $83,949,000. Bank of America makes up 2.4% of Nearwater Capital Markets Ltd’s investment portfolio, making the stock its 9th biggest holding.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA boosted its stake in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co boosted its position in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC grew its stake in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. Marino Stram & Associates LLC increased its holdings in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management boosted its holdings in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on BAC. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Cfra Research increased their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Stock Performance

Shares of BAC opened at $44.28 on Wednesday. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a 50-day simple moving average of $39.77 and a two-hundred day simple moving average of $43.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $333.51 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

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.