Huber Capital Management LLC Increases Stake in Bank of America Co. (NYSE:BAC)

Huber Capital Management LLC raised its position in Bank of America Co. (NYSE:BAC) by 6.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 333,459 shares of the financial services provider’s stock after purchasing an additional 20,000 shares during the period. Bank of America accounts for approximately 2.9% of Huber Capital Management LLC’s portfolio, making the stock its 8th largest position. Huber Capital Management LLC’s holdings in Bank of America were worth $14,656,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc boosted its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $29,000. Finally, Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 0.9 %

Shares of Bank of America stock opened at $41.87 on Thursday. The company’s 50-day moving average price is $44.17 and its 200-day moving average price is $43.96. 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 Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a market cap of $318.33 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 earnings per share. On average, equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

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.