Hobart Private Capital LLC Invests $207,000 in Bank of America Co. (NYSE:BAC)

Hobart Private Capital LLC acquired a new position in Bank of America Co. (NYSE:BAC) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,957 shares of the financial services provider’s stock, valued at approximately $207,000.

A number of other hedge funds have also recently made changes to their positions in BAC. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after buying an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the period. Norges Bank bought a new position in Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors grew its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Truist Financial dropped their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Finally, Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

Shares of BAC stock opened at $44.08 on Thursday. The firm has a market capitalization of $332.01 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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 business has a fifty day moving average of $40.42 and a 200 day moving average of $43.59. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

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.