Horizon Investment Services LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Horizon Investment Services LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 6.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,165 shares of the financial services provider’s stock after buying an additional 3,481 shares during the quarter. Horizon Investment Services LLC’s holdings in Bank of America were worth $2,600,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $29,000. Finally, Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% during the 4th 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 in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, 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 note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Performance

Shares of Bank of America stock opened at $41.24 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The firm’s fifty day simple moving average is $44.45 and its 200-day simple moving average is $43.86. The stock has a market capitalization of $313.50 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Bank of America Company 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.