Bank of America Corp DE Makes New Investment in Hingham Institution for Savings $HIFS

Key Points

• Bank of America acquired 10,796 shares of Hingham Institution for Savings in the second quarter, valued at approximately $3.3 million, giving it a 0.50% stake. Institutional investors collectively own 49.33% of the bank.
• Analyst sentiment improved, with Wall Street Zen upgrading the stock to “hold” and Weiss Ratings raising its rating to “buy (b).” MarketBeat data shows an average rating of “Buy.”
• HIFS reported quarterly earnings of $4.82 per share on $42.92 million in revenue, with a 25.94% net margin and 8.24% return on equity. Shares opened at $290.86, compared with a 52-week range of $248.53 to $337.99.

Bank of America Corp DE purchased a new stake in Hingham Institution for Savings (NASDAQ:HIFS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,796 shares of the savings and loans company's stock, valued at approximately $3,316,000. Bank of America Corp DE owned 0.50% of Hingham Institution for Savings as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in HIFS. Parallel Advisors LLC increased its stake in Hingham Institution for Savings by 46.3% during the 1st quarter. Parallel Advisors LLC now owns 139 shares of the savings and loans company's stock worth $40,000 after purchasing an additional 44 shares in the last quarter. Fifth Third Bancorp acquired a new stake in Hingham Institution for Savings during the 1st quarter worth approximately $44,000. Legal & General Group Plc bought a new position in Hingham Institution for Savings in the second quarter valued at approximately $49,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Hingham Institution for Savings by 176.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 426 shares of the savings and loans company's stock valued at $121,000 after buying an additional 272 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Hingham Institution for Savings in the second quarter valued at approximately $209,000. Institutional investors own 49.33% of the company's stock.

Wall Street Analysts Forecast Growth

HIFS has been the subject of a number of research reports. Wall Street Zen upgraded Hingham Institution for Savings from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings raised Hingham Institution for Savings from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy".

Hingham Institution for Savings Stock Performance

Shares of HIFS stock opened at $290.86 on Wednesday. The stock has a market cap of $634.07 million, a P/E ratio of 9.69 and a beta of 0.83. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.49 and a quick ratio of 1.49. The company has a fifty day moving average price of $299.12 and a two-hundred day moving average price of $291.38. Hingham Institution for Savings has a one year low of $248.53 and a one year high of $337.99.

Hingham Institution for Savings (NASDAQ:HIFS - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The savings and loans company reported $4.82 earnings per share for the quarter. The company had revenue of $42.92 million for the quarter. Hingham Institution for Savings had a net margin of 25.94% and a return on equity of 8.24%.

Hingham Institution for Savings Company Profile

Hingham Institution for Savings is a community bank headquartered in Hingham, Massachusetts. Founded in 1834, the institution serves individuals, families, businesses and real estate investors through traditional banking and lending services.

The bank accepts consumer and business deposits, including checking, savings and time deposit accounts. Its lending activities include residential mortgages, home equity loans, commercial real estate financing and other loans for businesses and consumers.

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