Harbour Capital Advisors LLC Has $3.38 Million Stock Position in Bank of America Co. (NYSE:BAC)

Harbour Capital Advisors LLC increased its position in Bank of America Co. (NYSE:BAC) by 1.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,417 shares of the financial services provider’s stock after purchasing an additional 715 shares during the quarter. Harbour Capital Advisors LLC’s holdings in Bank of America were worth $3,379,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. Longfellow Investment Management Co. LLC increased its holdings in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after buying an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its stake in shares of Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 231 shares during the last quarter. Integrity Financial Corp WA raised its position in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the last quarter. Cahill Financial Advisors Inc. boosted its position in Bank of America by 2.1% in the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after buying an additional 249 shares during the last quarter. Finally, Chicago Capital LLC boosted its holdings in Bank of America by 1.8% in the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after acquiring an additional 250 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Oppenheimer reduced their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial initiated coverage on Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded down $0.12 during mid-day trading on Monday, hitting $44.99. 19,588,721 shares of the company traded hands, compared to its average volume of 31,331,000. The stock has a 50-day moving average price of $45.53 and a two-hundred day moving average price of $42.22. The stock has a market cap of $345.20 billion, a price-to-earnings ratio of 16.36, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

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.