Harbor Advisory Corp MA Has $744,000 Stake in Bank of America Co. (NYSE:BAC)

Harbor Advisory Corp MA decreased its position in shares of Bank of America Co. (NYSE:BAC) by 7.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 16,933 shares of the financial services provider’s stock after selling 1,438 shares during the period. Harbor Advisory Corp MA’s holdings in Bank of America were worth $744,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Portfolio Design Labs LLC increased its holdings in shares of Bank of America by 19.6% in the fourth quarter. Portfolio Design Labs LLC now owns 142,354 shares of the financial services provider’s stock valued at $6,256,000 after purchasing an additional 23,367 shares in the last quarter. Gradient Capital Advisors LLC increased its holdings in shares of Bank of America by 1.2% in the fourth quarter. Gradient Capital Advisors LLC now owns 23,188 shares of the financial services provider’s stock valued at $1,019,000 after purchasing an additional 277 shares in the last quarter. Cardinal Strategic Wealth Guidance acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $401,000. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Finally, Wealthcare Capital Partners LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $321,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Truist Financial raised their price target 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. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One 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 stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 0.3 %

Shares of BAC stock opened at $46.80 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The firm’s fifty day moving average price is $45.77 and its two-hundred day moving average price is $42.96. The firm has a market capitalization of $359.08 billion, a P/E ratio of 14.53, a PEG ratio of 1.29 and a beta of 1.33.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 annualized dividend and a dividend yield of 2.22%. Bank of America’s dividend payout ratio is presently 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.