Highview Capital Management LLC DE Buys Shares of 6,500 Bank of America Co. (NYSE:BAC)

Highview Capital Management LLC DE acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 6,500 shares of the financial services provider’s stock, valued at approximately $286,000.

Several other large investors have also bought and sold shares of BAC. 5T Wealth LLC bought a new position in shares of Bank of America in the fourth quarter worth about $212,000. Capital Performance Advisors LLP increased its position in Bank of America by 19.6% during the 4th quarter. Capital Performance Advisors LLP now owns 13,695 shares of the financial services provider’s stock worth $602,000 after purchasing an additional 2,246 shares in the last quarter. Strategic Advisors LLC lifted its stake in Bank of America by 13.4% in the 4th quarter. Strategic Advisors LLC now owns 31,029 shares of the financial services provider’s stock valued at $1,364,000 after purchasing an additional 3,667 shares during the last quarter. Sierra Ocean LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $133,000. Finally, Keystone Financial Services grew its stake in shares of Bank of America by 3.2% during the fourth quarter. Keystone Financial Services now owns 11,328 shares of the financial services provider’s stock worth $498,000 after buying an additional 356 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler reduced their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of BAC opened at $46.98 on Monday. The firm has a market cap of $360.47 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 52-week low of $32.49 and a 52-week 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 business’s 50 day moving average price is $45.75 and its two-hundred day moving average price is $43.10.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.69 EPS 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. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Bank of America 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.