13,113 Shares in Bank of America Co. (NYSE:BAC) Bought by First National Bank of Hutchinson

First National Bank of Hutchinson acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 13,113 shares of the financial services provider’s stock, valued at approximately $576,000.

Other institutional investors have also added to or reduced their stakes in the company. Swedbank AB lifted its position in Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Quest Partners LLC purchased a new position in Bank of America in the third quarter worth $1,516,000. Segall Bryant & Hamill LLC bought a new position in Bank of America in the third quarter valued at $2,024,000. Finally, MWA Asset Management increased its stake in Bank of America by 1.1% in the third quarter. MWA Asset Management now owns 44,058 shares of the financial services provider’s stock valued at $1,748,000 after acquiring an additional 469 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Morgan Stanley increased their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Truist Financial increased 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Stock Performance

Shares of Bank of America stock opened at $42.24 on Thursday. The stock has a market cap of $321.10 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The firm’s 50-day moving average is $44.94 and its 200 day moving average is $43.77.

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 for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 dividend on an annualized basis and a yield of 2.46%. Bank of America’s dividend payout ratio is currently 32.30%.

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.