Bank of America Co. (NYSE:BAC) Holdings Lowered by Hutchinson Capital Management CA

Hutchinson Capital Management CA trimmed its stake in Bank of America Co. (NYSE:BAC) by 0.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 528,882 shares of the financial services provider’s stock after selling 2,029 shares during the period. Bank of America makes up 4.4% of Hutchinson Capital Management CA’s investment portfolio, making the stock its 6th largest holding. Hutchinson Capital Management CA’s holdings in Bank of America were worth $23,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of BAC. Swedbank AB grew its position in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after purchasing an additional 50,849 shares during the last quarter. Principal Financial Group Inc. grew its position in 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 purchasing an additional 569,385 shares during the last quarter. Empowered Funds LLC grew its position in Bank of America by 10.4% during the 3rd quarter. Empowered Funds LLC now owns 249,733 shares of the financial services provider’s stock worth $9,909,000 after purchasing an additional 23,617 shares during the last quarter. Natixis Advisors LLC grew its position in Bank of America by 3.2% during the 3rd quarter. Natixis Advisors LLC now owns 5,393,543 shares of the financial services provider’s stock worth $214,016,000 after purchasing an additional 165,088 shares during the last quarter. Finally, LJI Wealth Management LLC grew its position in Bank of America by 1.1% during the 3rd quarter. LJI Wealth Management LLC now owns 55,235 shares of the financial services provider’s stock worth $2,192,000 after purchasing an additional 593 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 3.3 %

Shares of NYSE BAC opened at $40.97 on Friday. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a market capitalization of $311.45 billion, a PE ratio of 12.72, a price-to-earnings-growth 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. The firm’s 50-day moving average is $45.19 and its two-hundred day moving average is $43.74.

Bank of America (NYSE:BAC) last announced 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analysts Set New Price Targets

Several brokerages have issued reports on BAC. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Piper Sandler reduced their target price 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. Evercore ISI reduced their target price on shares of 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

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.