Harvest Fund Management Co. Ltd Purchases 18,104 Shares of Bank of America Co. (NYSE:BAC)

Harvest Fund Management Co. Ltd boosted its position in shares of Bank of America Co. (NYSE:BAC) by 122.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,925 shares of the financial services provider’s stock after purchasing an additional 18,104 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Bank of America were worth $1,448,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Collier Financial bought a new stake in shares of Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Mascoma Wealth Management LLC increased its stake in shares of Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $42,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Truist Financial boosted their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Stock Performance

NYSE:BAC opened at $42.24 on Thursday. The stock’s 50-day moving average is $44.94 and its 200-day moving average is $43.77. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The stock has a market cap of $321.10 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. 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 earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the business posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share 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. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio 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.