Hourglass Capital LLC Grows Stake in Bank of America Co. (NYSE:BAC)

Hourglass Capital LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 0.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,827 shares of the financial services provider’s stock after purchasing an additional 230 shares during the quarter. Hourglass Capital LLC’s holdings in Bank of America were worth $2,058,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Two Sigma Advisers LP grew its position in shares of Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. Swedbank AB increased its stake in Bank of America by 81.4% during the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. KBC Group NV raised its position in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after purchasing an additional 5,493,817 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $46.98 on Friday. The company has a market cap of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s 50-day moving average is $45.75 and its 200 day moving average is $43.09. Bank of America Co. has a 1-year low of $32.49 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Analyst Ratings Changes

A number of analysts recently issued reports on BAC shares. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.