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

Hoertkorn Richard Charles cut its stake in shares of Bank of America Co. (NYSE:BAC) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 297,143 shares of the financial services provider’s stock after selling 6,200 shares during the quarter. Bank of America makes up approximately 5.4% of Hoertkorn Richard Charles’ holdings, 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.

A number of other institutional investors have also added to or reduced their stakes in BAC. Collier Financial purchased a new stake in Bank of America in the fourth quarter worth about $25,000. Life Planning Partners Inc lifted its holdings in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth $29,000. Finally, Highline Wealth Partners LLC boosted its holdings in 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 during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.5 %

Shares of Bank of America stock opened at $42.61 on Friday. The firm has a market cap of $323.96 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The stock’s 50-day moving average is $44.55 and its 200 day moving average is $43.85. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

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. 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 during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the company earned $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. 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 payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.45.

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.