Hosking Partners LLP Purchases 72,122 Shares of Bank of America Co. (NYSE:BAC)

Hosking Partners LLP lifted its position in shares of Bank of America Co. (NYSE:BAC) by 4.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,657,244 shares of the financial services provider’s stock after buying an additional 72,122 shares during the quarter. Bank of America comprises 2.8% of Hosking Partners LLP’s holdings, making the stock its 9th biggest position. Hosking Partners LLP’s holdings in Bank of America were worth $72,836,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Lederer & Associates Investment Counsel CA raised its stake in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares in the last quarter. Prossimo Advisors LLC raised its position in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares in the last quarter. Marino Stram & Associates LLC boosted its stake in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the period. Keudell Morrison Wealth Management grew its position in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after buying an additional 223 shares in the last quarter. Finally, Traveka Wealth LLC increased its stake in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on BAC. Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 0.5 %

NYSE:BAC opened at $44.17 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a one year low of $34.03 and a one year high of $48.08. The firm’s 50 day simple moving average is $45.74 and its 200 day simple moving average is $43.50. The company has a market cap of $338.87 billion, a PE ratio of 13.72, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business 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 dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.