Federated Hermes Inc. Has $156.23 Million Holdings in Bank of America Co. (NYSE:BAC)

Federated Hermes Inc. raised its position in Bank of America Co. (NYSE:BAC) by 1.2% in the fourth quarter, HoldingsChannel reports. The fund owned 4,640,139 shares of the financial services provider’s stock after purchasing an additional 57,179 shares during the quarter. Federated Hermes Inc.’s holdings in Bank of America were worth $156,233,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its holdings in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares in the last quarter. Norges Bank bought a new position in shares of Bank of America in the fourth quarter valued at approximately $3,436,543,000. Northern Trust Corp lifted its holdings in shares of Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after purchasing an additional 1,397,469 shares in the last quarter. Barclays PLC lifted its holdings in shares of Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of America by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after purchasing an additional 746,756 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.64 during mid-day trading on Thursday, hitting $35.87. The company had a trading volume of 14,880,362 shares, compared to its average volume of 41,172,090. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The stock’s 50-day moving average price is $35.55 and its 200-day moving average price is $32.21. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $283.04 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.58 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.68%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Oppenheimer decreased their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods raised their target price on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.29.

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.