Federated Hermes Inc. Grows Holdings in Bank of America Co. (NYSE:BAC)

Federated Hermes Inc. grew its stake in shares of Bank of America Co. (NYSE:BAC) by 27.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,085,640 shares of the financial services provider’s stock after buying an additional 1,080,789 shares during the quarter. Federated Hermes Inc. owned 0.07% of Bank of America worth $223,514,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BAC. Titleist Asset Management LLC boosted its holdings in shares of Bank of America by 1.6% in the 4th quarter. Titleist Asset Management LLC now owns 26,352 shares of the financial services provider’s stock worth $1,158,000 after purchasing an additional 427 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Bank of America by 0.7% in the fourth quarter. Quadrant Capital Group LLC now owns 85,298 shares of the financial services provider’s stock worth $3,749,000 after buying an additional 591 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co grew its position in Bank of America by 61.9% during the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 971,620 shares of the financial services provider’s stock valued at $42,703,000 after acquiring an additional 371,500 shares during the last quarter. Rahlfs Capital LLC bought a new position in Bank of America during the fourth quarter valued at approximately $644,000. Finally, Hurley Capital LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $73,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 7.7 %

BAC opened at $34.37 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $33.67 and a 52 week high of $48.08. The stock has a market cap of $261.32 billion, a PE ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. The business has a 50 day moving average of $43.74 and a 200-day moving average of $43.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. Piper Sandler reduced their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Truist Financial dropped their target price on Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a report on Friday. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. dropped their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

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.