Hourglass Capital LLC Grows Stock Holdings in Bank of America Corporation (NYSE:BAC)

Hourglass Capital LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,687 shares of the financial services provider's stock after acquiring 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 SEC filing.

Other large investors have also recently made changes to their positions in the company. Brown Advisory Inc. boosted its holdings in Bank of America by 0.4% in the first quarter. Brown Advisory Inc. now owns 3,372,376 shares of the financial services provider's stock worth $140,729,000 after purchasing an additional 13,943 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Bank of America by 10.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 38,071 shares of the financial services provider's stock worth $1,589,000 after buying an additional 3,495 shares during the last quarter. Alpha Cubed Investments LLC grew its holdings in shares of Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after acquiring an additional 17,619 shares during the period. EULAV Asset Management increased its position in Bank of America by 27.8% during the first quarter. EULAV Asset Management now owns 115,000 shares of the financial services provider's stock valued at $4,799,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Washington Trust Bank lifted its holdings in Bank of America by 1.9% in the first quarter. Washington Trust Bank now owns 55,926 shares of the financial services provider's stock valued at $2,334,000 after acquiring an additional 1,069 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.6%

Shares of BAC stock traded down $0.26 during mid-day trading on Friday, hitting $46.71. 31,608,474 shares of the stock traded hands, compared to its average volume of 40,519,929. The stock has a market cap of $351.81 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock's fifty day moving average is $44.99 and its two-hundred day moving average is $43.56.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BAC shares. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and raised their price target for the stock from $47.00 to $51.00 in a research note on Monday. Finally, Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $48.89.

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.