Hall Capital Management Co. Inc. Takes $620,000 Position in Bank of America Co. (NYSE:BAC)

Hall Capital Management Co. Inc. acquired a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 14,096 shares of the financial services provider's stock, valued at approximately $620,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in BAC. Collier Financial bought a new stake in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter valued at approximately $29,000. Finally, Vega Investment Solutions bought a new position in Bank of America during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent research reports. Keefe, Bruyette & Woods reduced their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Piper Sandler reduced 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. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Barclays dropped their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $1.00 during trading on Tuesday, hitting $44.20. The company's stock had a trading volume of 36,298,959 shares, compared to its average volume of 39,781,357. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $332.91 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a 50-day moving average of $40.36 and a 200-day moving average of $43.58. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.

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 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 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.