Harbor Capital Advisors Inc. Raises Stock Position in Bank of America Co. (NYSE:BAC)

Harbor Capital Advisors Inc. lifted its position in Bank of America Co. (NYSE:BAC) by 2.5% in the fourth quarter, Holdings Channel reports. The firm owned 149,812 shares of the financial services provider’s stock after buying an additional 3,608 shares during the period. Harbor Capital Advisors Inc.’s holdings in Bank of America were worth $6,584,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $27,000. Kennebec Savings Bank bought a new position in Bank of America in the third quarter worth approximately $29,000. Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 3rd quarter valued at $45,000. Finally, Truvestments Capital LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at $73,000. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BAC shares. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler raised their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Truist Financial started coverage on shares of Bank of America in a research note on Tuesday. They set a “buy” rating and a $52.00 price objective for the company. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Down 2.3 %

Shares of BAC opened at $45.14 on Friday. The company has a market capitalization of $346.35 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The stock’s 50-day moving average price is $45.53 and its 200-day moving average price is $42.18. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the company earned $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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.