Y Intercept Hong Kong Ltd Grows Stock Position in Bank of America Co. (NYSE:BAC)

Y Intercept Hong Kong Ltd increased its stake in shares of Bank of America Co. (NYSE:BAC) by 93.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,203 shares of the financial services provider’s stock after acquiring an additional 69,067 shares during the quarter. Bank of America makes up 0.4% of Y Intercept Hong Kong Ltd’s investment portfolio, making the stock its 26th largest position. Y Intercept Hong Kong Ltd’s holdings in Bank of America were worth $6,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of BAC. Lederer & Associates Investment Counsel CA grew its holdings 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 acquiring an additional 217 shares during the last quarter. Prossimo Advisors LLC boosted its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 220 shares during the period. Marino Stram & Associates LLC grew 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 worth $580,000 after purchasing an additional 222 shares during the last quarter. Keudell Morrison Wealth Management increased its holdings in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the period. Finally, Traveka Wealth LLC raised its position 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 valued at $382,000 after purchasing an additional 226 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. UBS Group raised 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 report on Tuesday, January 7th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Morgan Stanley increased their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

BAC opened at $44.80 on Monday. The business has a fifty day moving average of $45.75 and a 200 day moving average of $43.41. The stock has a market cap of $343.71 billion, a P/E ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $33.37 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 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.