Heck Capital Advisors LLC Purchases New Shares in Bank of America Co. (NYSE:BAC)

Heck Capital Advisors LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,752 shares of the financial services provider’s stock, valued at approximately $429,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Accent Capital Management LLC lifted its stake in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments raised its holdings in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the last quarter. Clarendon Private LLC purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $798,000. Finally, Baker Avenue Asset Management LP raised its stake in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

BAC opened at $46.25 on Friday. The stock’s 50-day moving average price is $45.83 and its 200 day moving average price is $42.79. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The firm has a market cap of $354.84 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.27 and a beta of 1.33. 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 posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

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.