Hixon Zuercher LLC Has $2.86 Million Stake in Bank of America Corporation (NYSE:BAC)

Hixon Zuercher LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 27.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 68,471 shares of the financial services provider's stock after buying an additional 14,755 shares during the quarter. Hixon Zuercher LLC's holdings in Bank of America were worth $2,857,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $5,226,989,000. Capital World Investors raised its position in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Amundi grew its position in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on BAC shares. Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Finally, Morgan Stanley increased their target price on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.65.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.83 during midday trading on Tuesday, hitting $48.15. 48,524,886 shares of the company's stock were exchanged, compared to its average volume of 39,992,629. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.42. The company's 50 day moving average price is $43.52 and its 200 day moving average price is $43.32. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $362.66 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The company 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%. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Bank of America Company 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.