Bank of America Co. (NYSE:BAC) is Hoertkorn Richard Charles’ 7th Largest Position

Hoertkorn Richard Charles reduced its position in Bank of America Co. (NYSE:BAC) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 297,143 shares of the financial services provider’s stock after selling 6,200 shares during the period. Bank of America makes up about 5.4% of Hoertkorn Richard Charles’ investment portfolio, making the stock its 7th biggest position. Hoertkorn Richard Charles’ holdings in Bank of America were worth $13,059,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America during the 4th quarter valued at approximately $5,226,989,000. Amundi lifted its holdings in shares of Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the last quarter. Two Sigma Advisers LP increased its position in Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after acquiring an additional 10,175,100 shares during the last quarter. Swedbank AB increased its stake in Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after buying an additional 5,733,810 shares during the period. Finally, KBC Group NV raised its holdings in shares of Bank of America by 130.9% in the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after purchasing an additional 5,493,817 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Citigroup decreased their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday. Evercore ISI lowered 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 report on Friday, January 17th. Truist Financial upped their price target 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. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Price Performance

Shares of NYSE:BAC opened at $42.61 on Friday. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company’s 50-day moving average is $44.55 and its 200 day moving average is $43.85. The company has a market capitalization of $323.96 billion, a P/E ratio of 13.23, 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 quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for 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 quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 EPS. On average, equities research analysts forecast 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, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.44%. 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.