Hickory Asset Management Inc. Makes New $335,000 Investment in Bank of America Co. (NYSE:BAC)

Hickory Asset Management Inc. purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 7,617 shares of the financial services provider’s stock, valued at approximately $335,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Swedbank AB grew its stake in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares during the period. Vontobel Holding Ltd. boosted its stake in Bank of America by 33.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 207,961 shares of the financial services provider’s stock worth $8,252,000 after purchasing an additional 51,903 shares during the period. Twelve Points Wealth Management LLC boosted its stake in Bank of America by 4.4% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 8,808 shares of the financial services provider’s stock worth $350,000 after purchasing an additional 369 shares during the period. B.O.S.S. Retirement Advisors LLC boosted its stake in Bank of America by 13.6% in the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 13,628 shares of the financial services provider’s stock worth $541,000 after purchasing an additional 1,631 shares during the period. Finally, Hengehold Capital Management LLC boosted its stake in Bank of America by 24.8% in the 3rd quarter. Hengehold Capital Management LLC now owns 7,813 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 1,555 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 1.4 %

NYSE:BAC opened at $46.98 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a fifty day simple moving average of $45.75 and a 200-day simple moving average of $43.05. The company has a market cap of $360.47 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a twelve month low of $32.49 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. Analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. Bank of America’s payout ratio is currently 32.30%.

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.