Bank of America Corporation (NYSE:BAC) Shares Bought by Hourglass Capital LLC

Hourglass Capital LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Graney & King LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $34,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Barclays dropped their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Cfra Research lifted their target price on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup lifted their target price on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.59.

Bank of America Stock Down 0.6%

Shares of Bank of America stock traded down $0.28 during trading on Wednesday, hitting $46.87. 46,217,283 shares of the stock were exchanged, compared to its average volume of 40,452,904. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The stock has a market cap of $353.02 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. 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 firm's 50-day moving average price is $44.60 and its 200 day moving average price is $43.50.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors 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%.

About Bank of America

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.