First Financial Corp IN increased its stake in Bank of America Co. (NYSE:BAC – Free Report) by 10.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,778 shares of the financial services provider’s stock after buying an additional 1,106 shares during the quarter. First Financial Corp IN’s holdings in Bank of America were worth $518,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Fairway Wealth LLC acquired a new stake in Bank of America in the second quarter valued at approximately $27,000. Kennebec Savings Bank purchased a new position in shares of Bank of America in the third quarter valued at $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its holdings in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 3rd quarter worth $45,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on the company. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Truist Financial initiated coverage on Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective for the company. Oppenheimer cut their target price on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.
Bank of America Price Performance
Shares of NYSE BAC opened at $45.09 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $345.97 billion, a PE ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The business’s fifty day moving average price is $45.61 and its two-hundred day moving average price is $42.27.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.
Bank of America Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.
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.
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