Harfst & Associates Inc. Invests $222,000 in Bank of America Co. (NYSE:BAC)

Harfst & Associates Inc. purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,046 shares of the financial services provider’s stock, valued at approximately $222,000.

A number of other large investors have also made changes to their positions in BAC. Collier Financial acquired a new position in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc grew its holdings 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 valued at $25,000 after buying an additional 545,936 shares during the last quarter. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC grew its holdings in shares of 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 valued at $37,000 after buying an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 0.0 %

BAC stock opened at $43.96 on Thursday. The company’s 50-day simple moving average is $45.72 and its 200-day simple moving average is $43.50. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $33.71 and a 52-week high of $48.08. The firm has a market cap of $337.28 billion, a P/E ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted 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 company posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal 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 of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.37%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BAC shares. Oppenheimer boosted 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. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.