HM Payson & Co. Has $11.93 Million Stock Position in Bank of America Co. (NYSE:BAC)

HM Payson & Co. grew its stake in shares of Bank of America Co. (NYSE:BAC) by 6.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 271,373 shares of the financial services provider’s stock after buying an additional 17,478 shares during the quarter. HM Payson & Co.’s holdings in Bank of America were worth $11,927,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. PCJ Investment Counsel Ltd. bought a new stake in shares of Bank of America during the fourth quarter worth $3,296,000. Generali Investments CEE investicni spolecnost a.s. bought a new stake in Bank of America during the fourth quarter valued at $4,153,000. Banco Santander S.A. boosted its position in Bank of America by 48.5% during the fourth quarter. Banco Santander S.A. now owns 866,348 shares of the financial services provider’s stock valued at $38,076,000 after acquiring an additional 282,936 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its position in Bank of America by 9.9% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 47,435 shares of the financial services provider’s stock valued at $2,301,000 after acquiring an additional 4,266 shares during the last quarter. Finally, Oak Hill Wealth Advisors LLC boosted its position in shares of Bank of America by 196.0% during the 4th quarter. Oak Hill Wealth Advisors LLC now owns 6,387 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 13,040 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $45.00 to $50.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Stock Performance

NYSE BAC opened at $41.39 on Friday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $314.72 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a fifty day moving average of $45.61 and a 200-day moving average of $43.68.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.7 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. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

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.