Howard Capital Management Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Howard Capital Management Inc. lifted its position in shares of Bank of America Co. (NYSE:BAC) by 5.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 47,054 shares of the financial services provider’s stock after purchasing an additional 2,406 shares during the quarter. Howard Capital Management Inc.’s holdings in Bank of America were worth $2,068,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Collier Financial acquired a new stake in Bank of America in the 4th quarter valued at $25,000. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the third quarter worth about $29,000. Highline Wealth Partners LLC grew its stake 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 buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at about $42,000. Finally, POM Investment Strategies LLC raised its holdings in shares of Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,006 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.1 %

NYSE BAC opened at $44.80 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a one year low of $33.37 and a one year high of $48.08. The company has a 50-day simple moving average of $45.75 and a 200-day simple moving average of $43.41. The firm has a market capitalization of $343.71 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company 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%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid 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 2.32%. Bank of America’s payout ratio is currently 32.30%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley raised 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 report on Friday, January 17th. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Truist Financial boosted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.