Harbor Capital Advisors Inc. Buys 3,608 Shares of Bank of America Co. (NYSE:BAC)

Harbor Capital Advisors Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,812 shares of the financial services provider’s stock after purchasing an additional 3,608 shares during the period. Harbor Capital Advisors Inc.’s holdings in Bank of America were worth $6,584,000 at the end of the most recent quarter.

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

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. 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. Evercore ISI boosted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Piper Sandler raised their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Down 2.3 %

Shares of NYSE:BAC opened at $45.14 on Friday. The company has a market cap of $346.35 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average price of $45.53 and a 200 day moving average price of $42.18.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America 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.