Highview Capital Management LLC DE Acquires New Shares in Bank of America Co. (NYSE:BAC)

Highview Capital Management LLC DE acquired a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 6,500 shares of the financial services provider’s stock, valued at approximately $286,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Pure Financial Advisors LLC raised its holdings in Bank of America by 10.6% in the 4th quarter. Pure Financial Advisors LLC now owns 31,429 shares of the financial services provider’s stock worth $1,381,000 after acquiring an additional 3,005 shares during the period. Perpetual Ltd increased its holdings in shares of Bank of America by 180.5% during the 4th quarter. Perpetual Ltd now owns 162,215 shares of the financial services provider’s stock worth $7,129,000 after purchasing an additional 104,381 shares during the period. Clear Harbor Asset Management LLC increased its holdings in shares of Bank of America by 4.6% during the 4th quarter. Clear Harbor Asset Management LLC now owns 27,484 shares of the financial services provider’s stock worth $1,208,000 after purchasing an additional 1,200 shares during the period. Fort Washington Investment Advisors Inc. OH increased its holdings in shares of Bank of America by 2.2% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 5,952,148 shares of the financial services provider’s stock worth $261,597,000 after purchasing an additional 125,317 shares during the period. Finally, Traphagen Investment Advisors LLC increased its holdings in shares of Bank of America by 11.7% during the 4th quarter. Traphagen Investment Advisors LLC now owns 11,991 shares of the financial services provider’s stock worth $527,000 after purchasing an additional 1,257 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Citigroup dropped their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating on the stock. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Royal Bank of Canada lowered their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Price Performance

Shares of BAC stock opened at $43.21 on Thursday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm’s 50 day moving average is $40.27 and its 200-day moving average is $43.59. The firm has a market capitalization of $325.43 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. 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 Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Sell-side 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 announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s payout ratio is 30.95%.

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.