Horizon Investments LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Horizon Investments LLC boosted its position in Bank of America Co. (NYSE:BAC) by 2.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 125,564 shares of the financial services provider’s stock after acquiring an additional 2,895 shares during the period. Horizon Investments LLC’s holdings in Bank of America were worth $5,519,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Collier Financial bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc lifted its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter worth $29,000. Highline Wealth Partners LLC grew its position in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC raised its stake in shares of Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.4 %

BAC opened at $41.47 on Tuesday. The company has a market cap of $315.26 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The business’s 50-day moving average price is $45.11 and its 200-day moving average price is $43.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm 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 was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 earnings per share. On average, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 yield of 2.51%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Evercore ISI reduced their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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.