May Hill Capital LLC Acquires Shares of 7,834 Bank of America Co. (NYSE:BAC)

May Hill Capital LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, HoldingsChannel.com reports. The firm bought 7,834 shares of the financial services provider’s stock, valued at approximately $344,000.

Other large investors have also modified their holdings of the company. Lederer & Associates Investment Counsel CA raised its position in shares of Bank of America by 1.1% during the fourth 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 during the period. Avalon Trust Co raised its holdings in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC lifted its stake 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 Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management grew its holdings 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. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. Barclays upped 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 upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Oppenheimer lifted their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Stock Up 1.3 %

BAC opened at $41.80 on Tuesday. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50-day simple moving average of $44.35 and a two-hundred day simple moving average of $43.95. The company has a market capitalization of $317.80 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the company earned $0.70 EPS. Analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. 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.