Bank of America Co. (NYSE:BAC) is Hoey Investments Inc.’s 10th Largest Position

Hoey Investments Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 159,903 shares of the financial services provider’s stock after acquiring an additional 6,427 shares during the period. Bank of America makes up approximately 1.2% of Hoey Investments Inc.’s portfolio, making the stock its 10th biggest holding. Hoey Investments Inc.’s holdings in Bank of America were worth $7,028,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Lederer & Associates Investment Counsel CA grew its stake in shares of Bank of America by 1.1% during 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 during the period. Avalon Trust Co grew its position 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 period. Prossimo Advisors LLC increased its holdings in 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 lifted its position in shares of 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 acquiring an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management grew its holdings in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Price Performance

BAC opened at $41.24 on Monday. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company’s 50 day simple moving average is $44.45 and its 200 day simple moving average is $43.93. The stock has a market capitalization of $313.50 billion, a PE ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio is currently 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.