Bank of America Corp DE Has $3.47 Million Holdings in HNI Co. (NYSE:HNI)

Bank of America Corp DE cut its stake in shares of HNI Co. (NYSE:HNI - Free Report) by 27.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,839 shares of the business services provider's stock after selling 26,444 shares during the period. Bank of America Corp DE owned approximately 0.14% of HNI worth $3,467,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in HNI by 23.2% during the fourth quarter. Wells Fargo & Company MN now owns 34,509 shares of the business services provider's stock valued at $1,738,000 after purchasing an additional 6,497 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of HNI by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 5,718,014 shares of the business services provider's stock valued at $288,016,000 after purchasing an additional 62,476 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of HNI by 4.9% in the 4th quarter. Principal Financial Group Inc. now owns 250,181 shares of the business services provider's stock valued at $12,602,000 after purchasing an additional 11,716 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in HNI by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 628,272 shares of the business services provider's stock worth $31,646,000 after purchasing an additional 105,034 shares in the last quarter. Finally, Amundi boosted its holdings in HNI by 206.5% in the fourth quarter. Amundi now owns 26,167 shares of the business services provider's stock worth $1,252,000 after purchasing an additional 17,631 shares in the last quarter. Institutional investors and hedge funds own 75.26% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wall Street Zen raised HNI from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Longbow Research began coverage on HNI in a research note on Friday, May 16th. They issued a "buy" rating and a $70.00 price objective on the stock. Finally, Susquehanna assumed coverage on shares of HNI in a research report on Friday, May 16th. They issued a "neutral" rating and a $80.00 price target on the stock.

HNI Stock Performance

NYSE:HNI traded down $0.29 during trading hours on Wednesday, hitting $46.97. 162,301 shares of the company traded hands, compared to its average volume of 308,716. HNI Co. has a twelve month low of $39.76 and a twelve month high of $58.42. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 1.14 and a beta of 0.91. The firm has a 50-day moving average of $44.21 and a 200 day moving average of $47.85. The company has a current ratio of 1.10, a quick ratio of 0.68 and a debt-to-equity ratio of 0.36.

HNI (NYSE:HNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.09. HNI had a return on equity of 18.27% and a net margin of 5.52%. The company had revenue of $599.80 million during the quarter, compared to the consensus estimate of $580.47 million. During the same quarter last year, the company earned $0.37 EPS. The company's quarterly revenue was up 2.0% on a year-over-year basis. On average, analysts forecast that HNI Co. will post 3.6 EPS for the current year.

HNI Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.34 per share. This is a positive change from HNI's previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Friday, May 23rd. HNI's payout ratio is 48.40%.

About HNI

HNI Corporation, together with its subsidiaries, engages in the manufacture, sale, and marketing of workplace furnishings and residential building products primarily in the United States and Canada. The company operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers a range of commercial and home office furniture, including panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, and ancillary and hospitality products, as well as social collaborative items under the HON, Allsteel, Beyond, Gunlocke, HBF, HBF Textiles, HNI India, Kimball, National, Etc., Interwoven, David Edward, Kimball Hospitality, and D'style brands.