Hourglass Capital LLC Buys 5,860 Shares of Bank of America Corporation (NYSE:BAC)

Hourglass Capital LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,687 shares of the financial services provider's stock after purchasing an additional 5,860 shares during the quarter. Hourglass Capital LLC's holdings in Bank of America were worth $2,199,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC boosted its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Bank of America by 65.3% during the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after purchasing an additional 7,999 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its stake in Bank of America by 9.9% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 47,435 shares of the financial services provider's stock valued at $2,301,000 after purchasing an additional 4,266 shares in the last quarter. Finally, Argentarii LLC bought a new position in Bank of America during the 4th quarter valued at $234,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Cfra Research increased their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Truist Financial increased their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday. UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Finally, Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $48.89.

Bank of America Price Performance

BAC stock traded up $0.08 during trading on Thursday, hitting $46.92. 43,708,038 shares of the stock traded hands, compared to its average volume of 40,467,677. The stock has a market cap of $353.43 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The company has a 50 day simple moving average of $44.74 and a 200 day simple moving average of $43.52.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.