BHK Investment Advisors LLC Increases Position in Bank of America Co. (NYSE:BAC)

BHK Investment Advisors LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 34.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,180 shares of the financial services provider’s stock after buying an additional 2,590 shares during the period. BHK Investment Advisors LLC’s holdings in Bank of America were worth $447,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Collier Financial purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc lifted its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Kennebec Savings Bank purchased a new position in shares of Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its holdings 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 in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.7 %

NYSE BAC opened at $44.48 on Tuesday. Bank of America Co. has a 52-week low of $33.53 and a 52-week high of $48.08. The firm has a 50-day moving average price of $45.73 and a 200 day moving average price of $43.46. The stock has a market capitalization of $341.25 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BAC. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America 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.