HBK Sorce Advisory LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

HBK Sorce Advisory LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 3.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 72,870 shares of the financial services provider’s stock after buying an additional 2,442 shares during the period. HBK Sorce Advisory LLC’s holdings in Bank of America were worth $3,203,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Tredje AP fonden increased its holdings in shares of Bank of America by 15.7% during the fourth quarter. Tredje AP fonden now owns 2,010,802 shares of the financial services provider’s stock valued at $88,375,000 after acquiring an additional 272,992 shares in the last quarter. Vestcor Inc increased its holdings in shares of Bank of America by 58.8% during the fourth quarter. Vestcor Inc now owns 281,131 shares of the financial services provider’s stock valued at $12,356,000 after acquiring an additional 104,122 shares in the last quarter. Mascoma Wealth Management LLC increased its holdings in shares of Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Bank of America by 926.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 600,846 shares of the financial services provider’s stock valued at $26,407,000 after acquiring an additional 542,338 shares in the last quarter. Finally, Essential Planning LLC. acquired a new position in shares of Bank of America during the fourth quarter valued at about $1,739,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BAC. 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 report on Tuesday, January 7th. Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Trading Up 0.7 %

Shares of BAC stock opened at $39.90 on Thursday. The stock’s fifty day moving average is $45.36 and its two-hundred day moving average is $43.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $303.40 billion, a P/E ratio of 12.39, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is 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.